THE Republic of Korea will support the construction of a road network along the shores 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, according to an announcement by the Department of Public Works and Highways (DPWH) on Saturday, January 18.
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 was held on Friday, January 17, 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 Ministry of Economy and Finance (MOEF) First Vice Minister Kim Beom-Seok, and DOF Undersecretary Joven Balbosa.
Phase 1 Stage 1 of the project will involve a 7.94-kilometer road, including a 6.81-kilometer bridge or viaduct, 1.13 kilometers of embankment, three interchanges, and 1.92 kilometers of slip roads.
Civil works for the project are scheduled to begin this year and are expected to be completed in 2029. Upon completion, it is expected to boost the economy and development in the Calabarzon Region and a larger part of the National Capital Region.
