The Philippine government has obtained a $905.26 million official development assistance (ODA) loan from the Export-Import Bank of Korea (KEXIM) to fund the Laguna Lakeshore Road Network (LLRN) Project Phase 1 Stage 1, the Department of Public Works and Highways (DPWH) announced on Saturday.
The funding is part of the Marcos administration’s flagship Build Better More program and will cover civil works for the 7.94-kilometer road network, which includes:
- 6.81 kilometers of viaduct/bridge
- 1.13 kilometers of embankment
- Three interchanges
- 1.92 kilometers of slip roads
Loan Agreement Ceremony
The ceremonial loan exchange took place on January 17, 2025, at the Department of Finance (DOF) office in Manila. Key officials in attendance included:
- KEXIM Executive Director Um Sung-Yong
- Public Works Secretary Manuel Bonoan
- Korea’s Ministry of Economy and Finance (MOEF) First Vice Minister Kim Beom-Seok
- DOF Undersecretary Joven Balbosa
Project Goals and Timeline
Civil works for the LLRN project are scheduled to begin in fiscal year 2025, with completion projected by 2029. The road network is expected to significantly boost economic productivity, improve transportation, and stimulate development in the Calabarzon Region and the broader National Capital Region.
A Key Partnership
This partnership underscores the Republic of Korea’s commitment to supporting infrastructure development in the Philippines, strengthening bilateral ties, and contributing to regional progress.