By DERCO ROSAL
After securing the deal, President Marcos’ chief economic manager stated that South Korea’s funding for three major infrastructure projects will create more jobs and expand businesses in the country.
“Beyond enhancing mobility, they will create jobs, spur businesses, boost incomes, and uplift Filipino lives—helping reduce poverty, especially in Luzon and Visayas,” Finance Secretary Ralph G. Recto said in a statement.
With a total of P187.54 billion, Recto noted that the projects are a “testament” to the robust economic ties between Manila and Seoul.
One of the deals secured was a $111.43 million or about P6.34 billion financing agreement for the Samar Pacific Coastal Road II Project, which is backed by the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF).
The project includes two bridges and road improvements to improve connectivity between Laoang Island and Samar mainland, eventually boosting Northern Samar’s economic growth.
Once completed in 2029, travel time between Laoang and Palapag from 65 minutes will be reduced to 19 minutes.
Both governments also signed for the Laguna Lakeshore Road Network (LLRN) Project Phase 1 (Stage 1) and the Panay-Guimaras-Negros Island Bridges Project.
Costing P181.03 billion, the Phase I of the LLRN Project includes a 37.6-kilometer viaduct and embankment from Lower Bicutan, Taguig City, to Calamba, Laguna.
It will include eight interchanges to connect municipal boundaries with nearby public roads along Lower Bicutan, Sucat, Alabang, Tunasan, San Pedro/Biñan, Santa Rosa, Cabuyao, and Calamba.
When finished in 2028, the project will cut travel time from Filinvest to Lower Bicutan to 13.7 minutes, down from 33.5 minutes.
The KEXIM-EDCF plans to fund Stage 1 of the project with approximately P50.61 billion, alongside co-financing from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
Meanwhile, the interisland bridges project in Western Visayas will construct two four-lane sea-crossing bridges, totaling 32.47 km, to connect the islands of Panay, Guimaras, and Negros.
“Once the interlink bridges are completed in 2031, the travel time of commuters, motorists, and transport of goods from Panay to Negros Islands through ferries or ro-ro will be shortened from 3-4 hours to just less than 1 hour,” the DOF said..
Set to be completed in 2025, the KEXIM-EDCF is financing the Detailed Engineering Design (DED) for the P187.54 billion project with a $56.61 million—or about P3.21 billion—agreement signed in Apr 2022.
Currently, South Korea is the Philippines' sixth largest official development assistance (ODA) partner, with loan and grant commitments totaling approximately $958.11 million (about P 54.33 billion).