MANILA – The Philippine government has secured an official development assistance (ODA) loan from the Republic of Korea, through the Export-Import Bank of Korea (KEXIM), for the Laguna Lakeshore Road Network (LLRN) Project Phase 1 Stage 1, the Department of Public Works and Highways (DPWH) reported on Saturday.
The loan, valued at USD905.26 million, will support civil works implementation by the DPWH of the flagship project under the Build Better More program of President Ferdinand R. Marcos Jr.
Civil works for the LLRN Project are set to begin this year, with completion anticipated by 2029.
The project is expected to significantly enhance economic productivity and foster positive change in the Calabarzon Region and the broader National Capital Region.
The ceremonial exchange of the loan agreement took place Friday at the Department of Finance (DOF) press briefing room in Manila.
It was attended by KEXIM executive director Um Sung-Yong, DPWH Secretary Manuel Bonoan, Korea’s Ministry of Economy and Finance First Vice Minister Kim Beom-Seok, and DOF Undersecretary Joven Balbosa.
In a statement, Bonoan expressed gratitude to KEXIM for its ongoing partnership in supporting the Philippines’ infrastructure development goals.
He also highlighted the importance of the LLRN Project in enhancing connectivity and economic opportunities, particularly in the Luzon economic corridor, a vital region for national growth and regional integration.
Meanwhile, DPWH Senior Undersecretary Emil Sadain, who oversees the agency’s flagship infrastructure projects, emphasized that the road project in the shorelines of the Laguna Lake will address severe traffic congestion in the area, including a portion of the South Luzon Expressway.
The multimillion-dollar project aims to provide safer, faster, and more convenient travel, boosting tourism development and economic growth in the surrounding areas of Metro Manila, Laguna, Rizal, Cavite, and Batangas.
The Phase I Stage 1 includes a 7.94-kilometer road, consisting of 6.81 kilometers of viaduct/bridge and 1.13 kilometers of embankment, along with three interchanges, along with 1.92 kilometers of slip roads.
“This transformative project marks a major milestone in our long-term vision to create a sustainable, resilient, and efficient road network that will benefit generations of Filipinos,” Sadain said.
The DPWH Unified Project Management Office – Roads Management Cluster II will lead the implementation of the project, with support from Korean experts who will oversee construction supervision during Stage 1. (PNA)