THE Republic of Korean is funding parts of the Laguna Lakeshore Road Network Project as well as other infrastructure projects in Samar and Western Visayas.
Finance Secretary Ralph Recto and Korea’s Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok had the ceremonial exchange of agreements for the projects on Tuesday. The ceremony was witnessed by President Marcos, Jr. and South Korean President Yoon Suk Yeol on the occasion of his state visit to the Philippines.
In the Laguna Lakeshore project, the Korean government is looking to extend a P50.61 billion financing through the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF), with co-financing from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), for stage 1.
The project has a total project cost P181.03 billion.
KEXIM-EDCF is also extending a $111.427 million (about P6.34 billion) financing for the Samar Pacific Coastal Road II Project, which aims to provide a seamless connection for the people and goods between Laoang Island and Samar mainland, and contribute to the growth of the Province of Northern Samar.
A memorandum of understanding was signed for the Panay-Guimaras-Negros Island Bridges Project which costs P187.54 billion.
KEXIM-EDCF is currently financing the conduct of the engineering service or detailed engineering design for the project under a $56.61 million (about P3.21 billion) financing signed in April 2022.
South Korea is the Philippines’ sixth largest official development assistance partner with loan and grant commitments worth $958.11 million (about P54.33 billion.
