The Philippines and South Korea have recently signed agreements to finance three major infrastructure projects, aimed at boosting connectivity and economic development in Luzon and Visayas.
One of the key projects is the Samar Pacific Coastal Road II, which will receive USD 114.12 million in funding from the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF). This project will improve transportation between Laoang Island and the Samar mainland, reducing travel time and facilitating economic activity.
In addition, the Philippines and South Korea have signed a Memorandum of Understanding (MOU) for the Laguna Lakeshore Road Network Project Phase 1 and the Panay-Guimaras-Negros Island Bridges Project. The Laguna Lakeshore Road Network Project will involve the construction of a 37.6-kilometer viaduct and embankment, which aims to alleviate traffic congestion and reduce travel time between Metro Manila and Laguna. Whereas the Panay-Guimaras-Negros Island will enhance connectivity between these islands, boosting trade and tourism.
These infrastructure projects, backed by significant South Korean financing, are expected to have a substantial impact on the Philippines’ economy, facilitating trade, tourism, and logistics, aiming to improve the quality of life for its citizens. The partnership with South Korea underscores the growing economic ties between the two countries and their shared commitment to development.
(Source: Philippine Star)
