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Manila Bulletin devider Business devider Government to repay ADB loan for Laguna Lakeshore Road until 2052

Government to repay ADB loan for Laguna Lakeshore Road until 2052

Published Nov 24, 2024 09:14 pm

The Philippines will repay to the Asian Development Bank (ADB) the initial loan it secured for the Laguna Lakeshore Road Network (LLRN) until 2052, or 24 years after the project is expected to be passable.

Documents showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine government, and ADB Philippines country director Pavit Ramachandran on Nov. 11 signed the loan agreement for the over $1.69-billion (about P100-billion) aggregate financing to extend the C6 Road along Laguna de Bay to slash time to travel between Taguig City and Calamba City in Laguna province by a fourth during the so-called rush hour.

In particular, the Manila-based multilateral lender agreed to initially extend to the Philippines more than $1.18 billion from its ordinary capital resources, under a 19-year principal repayment period.

Amortization payments shall start in 2034 and will be completed by 2052, payable on April 15 and Oct. 15 of each year.

On top of the semi-annual loan principal payments, the Philippine government must settle with the ADB 0.6-percent interest less 0.1-percent credit, plus 0.2-percent maturity premium.

Also, "the borrower shall pay a commitment charge of 0.15 percent per annum," which will "accrue on the full amount of the loan (less amounts withdrawn from time to time), commencing 60 days after the date of this loan agreement," the document read.

The loan agreement takes effect 90 days after Recto and Ramachandran signed it.

The loan's closing date for all disbursements is on June 30, 2029.

According to the loan document, the "climate-resilient" 37.5-kilometer (km) LLRN is expected to be completed by end-2028.

The ADB loan will bankroll the 29.56-km southern part or three out of the expressway's four sections, plus the access control road with around seven interchanges as well as slip road at every interchange, which would be connected to existing road networks.

The ADB's board of directors approved this loan last Nov. 7, meeting minutes showed, as a multi-tranche financing facility.

The lender earlier said that another $509.5-million financing is in the pipeline for this project, while the China-led Asian Infrastructure Investment Bank (AIIB) will co-finance via a $188.18-million counterpart loan.

The ADB's parallel funding shall also support an institutional capacity-building program for the Department of Public Works and Highways (DPWH)—the project's implementing agency—to enhance not only the rollout but also operations and maintenance (O&M) of big-ticket road infrastructure.

LLRN's northern section 7.89 kms, meanwhile, would be financed by a loan from the Export–Import Bank of Korea or Korea Eximbank's Economic Development Cooperation Fund (KEXIM-EDCF), worth $904.35 million.

"The [Philippine government] shall enter into the KEXIM loan agreement and ensure that all conditions precedent to its effectiveness... have been fulfilled by no later than the date falling six months from the date this agreement is declared effective by the ADB," according to the document.

Related Tags

Department of Finance (DOF) Asian Development Bank (ADB) ralph recto Laguna Lakeshore Road Network Finance Secretary
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