The Market Monitor Minding the Nation's Business
The Asian Development Bank (ADB) has approved nearly USD 1.7 billion in funding for the Laguna Lakeshore Road Network (LLRN) project, aimed at enhancing regional connectivity and reducing travel time between Manila and Laguna province.
In a statement on Thursday, ADB announced that the funds will support the development of a 37.5-kilometer, climate-resilient expressway along Laguna Lake.
The funding will be provided through a multitranche financing facility, including a first tranche of USD 1.2 billion and a second tranche of USD 509.5 million.
Additionally, the Asian Infrastructure Investment Bank (AIIB) is co-financing the project with an extra USD 188.2 million loan.
The LLRN project will involve the construction of a 29.56-kilometer stretch of expressway funded by ADB, complete with bridges and viaducts spanning the lake’s tributaries, located southeast of Manila.
The new route aims to create a reliable and resilient road link within Manila’s southern transport corridor, cutting peak-hour travel time between Taguig City and Calamba City in Laguna by approximately 25 percent.
A separate 7.89-kilometer northern segment of the expressway will be financed through a parallel USD 904.35 million loan from the Export-Import Bank of Korea’s Economic Development Cooperation Fund.
“This investment further cements ADB’s commitment to transforming the Philippines’ transport infrastructure with climate- and disaster-resilient, sustainable development,” stated ADB Country Director for the Philippines, Pavit Ramachandran. “The project will enhance access to jobs, business opportunities, and public services, while also reducing transport costs and congestion to improve the overall efficiency of the Metro Manila transport network.”
The LLRN is projected to benefit around 3.47 million residents living near Laguna Lake and surrounding areas, providing improved access to economic markets and essential services.