The Philippines and South Korea have sealed financing deals for the construction of the Panay-Guimaras-Negros (PGN) Island Bridges and two other big infrastructure projects.
Department of Finance (DOF) Secretary Ralph Recto and Korea’s Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok recently signed a memorandum of understanding (MOU) for the interisland bridges project.
The ceremonial signing in Malacañang Palace was witnessed by President Ferdinand Marcos Jr. and South Korean President Yoon Suk Yeol, who was on an official state visit to the country.
The P187.54-billion PGN Island Bridges project involves the construction of two sea-crossing, four-lane bridges and connecting roads.
In April 2022, DOF and the Export Import Bank of Korea (KEXIM) signed a $56.61-million-loan agreement for the project’s engineering services.
According to the Department of Public Works and Highways (DPWH-6), the detailed engineering study for the Panay-Guimaras bridge, the first section of the PGN Island Bridges Project, is expected to be completed in December this year.
“The construction of Section A will start in the second semester of 2025, and we expect to finish the Panay-Guimaras portion by June 2028,” DPWH-6 director Sanny Boy Oropel said in a press conference last Sept. 28.
Meanwhile, there’s no specific date yet as to when the construction of the project’s Guimaras-Negros section will start.
The two other big projects involved in the financing deals were the 6.34-billion Samar Pacific Coastal Road II Project and the181.03-billion Laguna Lakeshore Road Network Project.
“These projects are a testament to the strong friendship between the Philippines and South Korea. Beyond enhancing mobility, they will create jobs, spur businesses, boost incomes, and uplift Filipino lives—helping reduce poverty, especially in Luzon and Visayas,” said Recto.IMT
