The proposed Laguna Lakeshore Road Network Project (LLRNP) is now one step closer to reality with secured funding from South Korea.
This project, costing around P181.03 billion, was one of three major infrastructure projects that have secured financing from South Korea following the signing of memorandums of understanding (MOUs) by Finance Secretary Ralph Recto and Korea's Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok last October 7.
These agreements were signed in Malacañang Palace on October 7 and were witnessed by President Ferdinand R. Marcos Jr. and South Korean President Yoon Suk Yeol, who was on a state visit to the Philippines.
The MOU serves as a document for the cooperation between the two governments relating to the prospective financing of the two projects, Recto said in a statement.
The proposed Laguna Lakeshore Road Network Project covers a 37.6-kilometer viaduct and embankment from Lower Bicutan, Taguig City to Calamba, Laguna.
The amount will also be used to construct eight interchanges proposed to connect municipal boundaries to the nearest public road along Lower Bicutan, Sucat, Alabang, Tunasan, San Pedro/Biñan, Santa Rosa, Cabuyao, and Calamba.
Once completed in 2028, the project will reduce travel time from Filinvest to Lower Bicutan to just 13.7 minutes from 33.5 minutes.
Aside from improving mobility and easing traffic in Southern Luzon and Metro Manila, the LLRNP is also expected to alleviate the problem of flooding along coastal communities in Laguna Lake.
The DOF said the Export-Import Bank of Korea - Economic Development Cooperation Fund (KEXIM-EDCF) would support Stage 1 of the project amounting to about P50.61 billion, with co-financing from the Asian Development Bank and the Asian Infrastructure Investment Bank.
Aside from the LLRNP, agreements were also signed for the funding of the P6.34-billion Samar Pacific Coastal Road II Project in Northern Samar and the P187.54-billion interisland bridges project connecting the islands of Panay, Guimaras, and Negros.
“These projects are a testament to the strong friendship between the Philippines and South Korea. Beyond enhancing mobility, they will create jobs, spur businesses, boost incomes, and uplift Filipino lives, helping reduce poverty, especially in Luzon and Visayas,” Recto said during the ceremonial exchange of agreements for the projects.
South Korea is the Philippines’ sixth largest official development assistance partner with loan and grant commitments amounting to about USD958.11 million (P54.33 billion).
(With report from PNA/OpinYon News Team)
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