THREE major infrastructure projects to enhance mobility and support economic development in Luzon and the Visayas are the latest fruits of stronger ties between the Philippines and South Korea.
In a statement on Wednesday, Finance Secretary Ralph Recto said the deals, which he signed October 7 at a ceremonial exchange witnessed by leaders of the two countries, would bring economic benefits for the country.
“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 the Visayas,” Recto said.
Part of South Korea’s broader commitment to support the Philippines’ infrastructure goals, the projects will be facilitated by loan and grant commitments totaling $958.11 million (P54.33 billion).
The agreements were signed with South Korean Deputy Prime Minister, and Minister of Economy and Finance Choi Sang-mok, witnessed by Philippine President Ferdinand Marcos, Jr. and South Korean President Yoon Suk Yeol during the latter’s recent state visit to Manila.
First among the three undertakings is the Samar Pacific Coastal Road II Project, which is worth $111.4 million (P6.34 billion). Supported by South Korea’s Export-Import Bank’s Economic Development Cooperation Fund (Kexim-EDCF), it will link Laoang Island and the Samar mainland via the Laoang II Bridge and Calamotan Bridge. Once completed in 2029, it will reduce travel time from Laoang to Palapag in Northern Samar from 65 minutes to just 19 minutes.
Viaduct in Laguna, bridges in Panay-Guimaras-Negros
Also signed was a memorandum of understanding for the Laguna Lakeshore Road Network Project Phase 1 (Stage 1) and the Panay-Guimaras-Negros Island Bridges Project.
The Laguna Lakeshore Road Network Project will be funded by a P181.03 billion investment on a 37.6-kilometer viaduct and embankment linking Taguig City to Calamba, Laguna. Co-financed by Kexim-EDCF, Asian Development Bank and Asian Infrastructure Investment Bank, it will slash travel time from Filinvest to Lower Bicutan from 33.5 minutes to 13.7 minutes upon completion in 2028.
In Western Visayas, the Panay-Guimaras-Negros Island Bridges Project will create two four-lane sea-crossing bridges spanning 32.47 kilometers and connecting the islands of Panay, Guimaras and Negros. With a total project cost of P187.54 billion, it will cut travel time between the islands from three or four hours to less than an hour.