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Manila Bulletin devider Business devider Laguna lakeshore project to receive $905 million from Korean lender

Laguna lakeshore project to receive $905 million from Korean lender

Published Jan 21, 2025 10:08 pm

Locals of Laguna could enjoy additional protection from floods as the Philippines has already secured financing totaling $905.26 million (about P50.67 billion) from a Korean bank.

During the World Economic Forum (WEF) in Davos-Klosters, Switzerland, Department of Finance (DOF) Secretary Ralph G. Recto secured funding from the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) for a road network project in Laguna.

According to a DOF statement released on Jan. 21, the completion of the Laguna Lakeshore Road Network (LLRN) project “will enhance climate resilience for the people of Laguna.”

The project, with an estimated cost of P181.02 billion, will involve the construction of a 37.5-kilometer expressway along Laguna Lake. Aside from enhanced climate resilience, it is designed to improve transportation in the province.

“It provides a crucial lifeline to flood-vulnerable communities surrounding the lake, benefitting 3.47 million residents,” the DOF said. 

Likewise, it is expected to accelerate economic activities in Laguna—the country’s largest provincial economy—and drive overall development in the CALABARZON region, contributing to faster regional progress and growth.
Last week, Jan. 17, the governments of the Philippine and Korea inked the first stage of the financing agreement. The Philippine government was represented by DOF, while KEXIM-EDCF represented Korea. 

As for the second stage of the project, funding will both be coming from Manila-based Asian Development Bank (ADB) and Chinese-led Asian Infrastructure Investment Bank (AIIB).

The exchange ceremony was attended by key officials from the DOF, Department of Public Works and Highways (DPWH), Ministry of Economy and Finance of Korea, KEXIM-EDCF, and the Embassy of the Republic of Korea in the Philippines.

This year’s WEF, an annual convening policymakers around the world, started on Jan. 20 and will conclude on Jan. 24. Major discussions focused on global and regional challenges, such as boosting growth to enhance living standards, addressing geopolitical shocks, and managing a fair and inclusive energy transition.

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Laguna Lakeshore Road Network Finance Secretary ralph recto Department of Finance (DOF)
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