Finance Secretary Ralph G. Recto on Wednesday announced financing agreements with the government of South Korea for three major infrastructure projects aimed at enhancing mobility and fostering economic growth in the Philippines, particularly in Luzon and the Visayas.
The ceremonial agreement signing was witnessed by President Ferdinand R. Marcos Jr. and South Korean President Yoon Suk Yeol during the latter’s State Visit to the Philippines.
Secretary Recto emphasized the projects are a reflection of the strong bilateral ties between the two nations, stating, “These projects will create jobs, spur businesses, boost incomes, and uplift Filipino lives—helping reduce poverty, especially in Luzon and Visayas.”
Among the highlighted initiatives is the Samar Pacific Coastal Road II Project, backed by a USD 111.427 million (approximately P6.34 billion) agreement with the Export-Import Bank of Korea.
This project will build two marine bridges and improve existing roads, significantly reducing travel time from Laoang to Palapag from 65 minutes to just 19 minutes by 2029.
Additionally, a Memorandum of Understanding was signed for the Laguna Lakeshore Road Network Project Phase 1 and the Panay-Guimaras-Negros Island Bridges Project.
The Laguna Lakeshore Road Project, estimated to cost P181.03 billion, will create a 37.6 km road and eight interchanges, reducing travel time between Filinvest and Lower Bicutan from 33.5 minutes to 13.7 minutes by 2028.
The interisland bridges project in Western Visayas, with a total cost of P187.54 billion, will consist of two four-lane bridges, reducing travel time between Panay and Negros Islands from 3-4 hours to under one hour by 2031.
The projects underscore South Korea’s commitment as the Philippines’ sixth largest official development assistance (ODA) partner, with total loan and grant commitments reaching approximately USD958.11 million (around P54.33 billion).
