PH gets $905-M loan for big Laguna project

PH gets $905-M loan for big Laguna project

/ 05:38 AM January 19, 2025

MANILA, Philippines — The government has secured a $905.26-million loan from South Korea for the first phase of the proposed Laguna Lakeshore Road that is expected to benefit more than 3 million residents of Laguna and its environs and boost economic output, last reported at more than P1 trillion in 2023.

The Philippine News Agency (PNA) reported on Saturday that the official development assistance loan was coursed through the Export-Import Bank of Korea, but it did not specify details of the deal.

The report quoted the Department of Public Works and Highways as saying that the civil works for the road network are set to begin this year and are expected to be completed by 2029.

Article continues after this advertisement

READ: Philippines, South Korea seal deals for 3 big infra projects

FEATURED STORIES

The project’s first phase involves only the western shore of Laguna Lake with a 37.5-kilometer primary road and 12-km viaduct from Taguig to Muntinlupa, plus a 25.5-km viaduct and embankment from Muntinlupa to Calamba, Laguna.

READ: Changes to Laguna Lakeshore Road Network project OKayed

Article continues after this advertisement

Public Works Senior Undersecretary Emil Sadain, who oversees the agency’s flagship infrastructure projects, said the project’s first phase will be built with the supervision of Korean construction experts.

Article continues after this advertisement

The second phase of the project, which will traverse the eastern shore of Laguna Lake from Binangonan, Rizal, to Calamba, Laguna, is still being studied but the results are expected by the end of the year.

Article continues after this advertisement

Sadain said the “transformative project” is expected to further boost economic activity in Laguna, which contributed the most to the country’s gross domestic product (GDP) in 2023, according to the Philippine Statistics Authority (PSA).

Booming for years

PSA Laguna Provincial Statistical Office chief statistical specialist, Magdalena Serqueña, said Laguna’s economy expanded by 3.9 percent, rising from P990.44 billion in 2022 to P1.029 trillion in 2023.

Article continues after this advertisement

Serqueña said agriculture, forestry and fishing (AFF) grew by 7.3 percent; industry by 0.4 percent; and services by 9.8 percent in 2023.

“All three sectors recorded positive growth from their 2022 levels,” she said, with the industry sector dominating at 60 percent; of Laguna’s economic structure, followed by services at 38.5 percent; and AFF at 1.5 percent.

4.9% share in nat’l GDP

Serqueña said Laguna also held a substantial share in Calabarzon’s regional economy, contributing 33.3 percent of the region’s P3.1 trillion output.

Laguna was the top provincial contributor to the country’s GDP in 2023, with a 4.9 percent share. It ranked first in industry at 10.1 percent and also led in services among all provinces with a 3 percent share.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

In per capita terms, Laguna’s GDP contribution was P294,388 in 2023, up 2.5 percent from P287,210 in 2022, and surpassing Calabarzon’s regional average of P182,731.

TAGS: top stories home

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2025 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.