DoF: SoKor funds 3 landmark road deals

The Department of Finance secured financing from the government of South Korea to build three major road projects in Luzon and Visayas worth a total of P374.91 billion.

“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,” Finance Secretary Ralph Recto said.

Recto and South Korea’s Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held the ceremonial exchange of the financing agreements for the three infrastructure projects on 7 October.

President Ferdinand Marcos Jr. and South Korean President Yoon Suk Yeol witnessed the event during his official state visit to the Philippines.

The first project is the Samar Pacific Coastal Road II which costs P6.34 billion to be funded by the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF).

The project will connect the Laoang Island and Samar mainland in Northern Samar through the 1,405-meter Laoang II and Calamotan bridges.

Shorter travel time

DoF said the new coastal road can shorten the travel time of motorists between the islands to 19 minutes from 65 minutes once it has been completed in 2029.

Other projects lined up are the Laguna Lakeshore Road Network Phase 1 and the Panay-Guimaras-Negros Island Bridges Project which costs P181.03 billion.

KEXIM-EDCF will shoulder P50.61 billion for Phase 1 under a co-financing arrangement with the Asian Development Bank and the Asian Infrastructure Investment Bank.

The project consists of a 37.6-kilometer viaduct and embankment from Lower Bicutan, Taguig City to Calamba, Laguna.

Eight interchanges near public roads along Lower Bicutan, Sucat, Alabang, Tunasan, San Pedro/Biñan, Santa Rosa, Cabuyao and Calamba will also be built.

DoF said the public can expect faster travel from Filinvest to Lower Bicutan in 13.7 minutes from 33.5 minutes once the road network opens in 2028.

Last is the inter-island bridges project in Western Visayas which costs P187.54 billion. KEXIM-EDCF is financing a portion worth P3.21 billion to create the detailed engineering design of the bridges.

The project consists of two bridges that stretch 34.37 kilometers, linking the islands of Panay, Guimaras and Negros.

South Korea is the Philippines’ sixth largest official development assistance partner with loan and grant commitments amounting to around P54.33 billion.