Manila: The Asian Development Bank (ADB) is expected to approve within the year the funding for the first phase of the Laguna Lakeshore Road Network (LLRN) Project.
In a recent interview, ADB Country Director for the Philippines Pavit Ramachandran said they are now in the last stages of having the Laguna Lakeshore Road Network project presented to the ADB Board for approval.
“So in terms of a forward looking program for this year, as I mentioned, we are looking to have the Laguna Lakeshore Road Network approved later this year,” he said.
Ramachandran said the first tranche of the loan amounts to about USD1.2 billion.
“But we also have a financing plan from the Korean Exim Bank, and some funding from AIIB (Asian Infrastructure Investment Bank). I think it’s about 188 million [dollars] from AIIB as well. So it’s different sections of it, and it’s a phased approach. So we’ll do one phase in this, and the idea is to then do the second phase subsequently,” he said.
Initially approved in 2021, the project enta
ils the construction of a 37.5-kilometer primary road and a 12-kilometer viaduct from Lower Bicutan, Taguig, to Tunasan, Muntinlupa, along with a 25.5-kilometer shoreline viaduct and embankment from Tunasan, Muntinlupa, to Calamba, Laguna.
Phase 1 includes the development of connecting roads and interchanges in various locations. These locations encompass Barangay Tunasan in Muntinlupa City, as well as San Pedro, Biñan, and Cabuyao in Laguna.
The second phase of the LLRN Project, which will traverse the eastern portion of Laguna Lake from Binangonan, Rizal to Calamba, Laguna, is currently under feasibility study and is slated for completion by December 2024.
Aside from the LLRN, Ramachandran said, the ADB will also likely approve a USD500-million policy-based loan to improve the country’s climate resilience.
“There’s a climate change action program, which is a comprehensive program, budget support, what we call policy-based lending, which really will anchor a lot of our work going forward,” he said.
“Our
CPS, our Country Partnership Strategy, is really very focused on supporting the Philippines in its efforts to intensify climate action and support. Primarily, I think the focus here is on climate resilience and climate adaptation,” Ramachandran added.
Ramachandran said that for next year, the ADB will support the MRT-4 project as well as other projects in several river basins in Luzon and Mindanao.
Source: Philippines News Agency
