PH gets $905 million Korean loan for Laguna Lakeshore Road Project

The Philippine government has secured financial backing from the Republic of Korea to construct a road network along the shoreline of Laguna Lake. 

The Export-Import Bank of Korea (KEXIM) will provide a $905.26 million official development assistance (ODA) loan for the Laguna Lakeshore Road Network (LLRN) Project Phase 1 Stage 1, the Department of Public Works and Highways (DPWH) announced on Saturday.

This funding will support the implementation of civil works for the LLRN Phase 1 Stage 1, a flagship initiative under the Marcos administration’s Build Better More program.

A ceremonial exchange of the loan agreement took place on Friday, January 17, 2025, at the Department of Finance (DOF) office in Manila. 

The event was attended by 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, and DOF Undersecretary Joven Balbosa.

The project’s Phase 1 Stage 1 will span a 7.94-kilometer road, including 6.81 kilometers of viaduct/bridge, 1.13 kilometers of embankment, three interchanges, and 1.92 kilometers of slip roads.

Civil works are scheduled to begin in fiscal year 2025, with completion targeted for 2029. Once completed, the project is expected to boost economic productivity and drive positive development in the Calabarzon Region and the broader National Capital Region. — DVM, GMA Integrated News