Philippine government secures USD905M ODA loan for LLRN Project Phase 1 Stage 1

On Saturday, the Philippine government secured an ODA loan worth USD905.26 million from South Korea's Export-Import Bank (KEXIM) for the Laguna Lakeshore Road Network (LLRN) Project Phase 1 Stage 1.

The loan will support civil works implementation by the Department of Public Works and Highways (DPWH) under President Marcos Jr.'s Build Better More program, with construction set to begin this year and completion expected in 2029.

A ceremonial exchange of the loan agreement took place on Friday, January 17, 2025, at the Department of Finance office in Manila, attended by KEXIM Executive Director Um Sung-Yong, DPWH Secretary Manuel Bonoan, Korea's MOEF First Vice Minister Kim Beom-Seok, and DOF Undersecretary Joven Balbosa.

The LLRN Project aims to enhance traffic flow along Laguna Lake's shorelines, addressing congestion on the South Luzon Expressway and promoting tourism and economic growth in nearby provinces like Rizal, Cavite, and Batangas.

Phase I Stage 1 includes a 7.94-kilometer road with three interchanges and slip roads, while DPWH will lead implementation with support from Korean experts overseeing construction supervision.