The Philippines has secured P60 billion in financing agreements with South Korea to fund three major infrastructure projects aimed at improving mobility in Luzon and Visayas.
The agreements were signed between Finance Secretary Ralph Recto and South Korean Deputy Prime Minister Choi Sang-mok during the visit of South Korean President Yoon Suk Yeo to the Philippines.
One of the key projects is the first phase of the Laguna Lakeshore Road Network, a 37.6-kilometer viaduct and embankment, which will receive P50.61 billion in funding. The project, set for completion by 2028, is expected to reduce travel time between Filinvest and Lower Bicutan from 33.5 minutes to just 13.7 minutes.
Another project involves the Samar Pacific Coastal Road II, a P6.34-billion initiative to construct two marine bridges and improve existing roads. This will significantly reduce travel time between Laoang and Palapag in Northern Samar by 2029.
The third agreement allocates P3.21 billion for the detailed engineering design of the Panay-Guimaras-Negros Island Bridges Project, which will eventually cut the travel time between the islands from three to four hours to less than an hour when completed by 2031.
These projects are expected to create jobs, boost local economies, and improve living conditions in the regions.
