A new loan program of the Korean Government may be tapped to finance at least four pipeline projects of the Department of Public Works and Highways (DPWH) in Central Luzon and Central Visayas Regions.
Undersecretary Emil Sadain, in-charge of DPWH infrastructure flagship projects under “Build, Better, More” program of President Ferdinand Marcos Jr. met a fact-finding mission from the national headquarters of Export–Import Bank of Korea (KEXIM) comprised of Director General Chung-Hwa Cho, Director Eunjin Cho, and Senior Loan Officer Jiwon Shin for discussion on pipeline projects for possible enhance cooperation under Korean Government’s Economic Development Promotion Facility (EDPF).
The meeting with the Korean fact-finding mission was also attended by DPWH Project Directors Benjamin Bautista and Ramon Arriola III; KEXIM Manila Office Country Director Jaejeong Moon, and Deputy Directors Yunhak Lee and Minjeong Kwon; and DPWH Project Managers Jerry Fano and Antonio Erwin Aranaz.
“EDPF is a new Official Development Assistance (ODA) loan program of the Korean Government to cover financial gap for large-scale infrastructure.”
In his report to DPWH Secretary Manuel Bonoan, Sadain said that EDPF is a new Official Development Assistance (ODA) loan program of the Korean Government to cover financial gap for large-scale infrastructure.
The Korea Eximbank as an independent ODA agency has the mandate to operate and manage the EDPF including identifying pipeline projects, loan approval and signing loan agreements.
Pipeline projects initially selected for possible loan co-financing under EDPF and Economic Development Cooperation Fund (EDCF) or Export Credit of the Korean Government are the civil works of 28.82-kilometer Lubao-Guagua-Sasmuan-Minanlin-Santo Tomas Bypass Road in Pampanga; civil works for Pampanga Integrated Disaster Risk and Reduction and Climate Change Adaptation (IDRR CCA) – Stage II covering theThird River and Eastern Branch that traverses municipalities of Macabebe, Minalin, and Sto. Tomas; detailed engineering design and civil works of 10.6-kilometer Consolacion-Liloan Bypass Road with two bridges and feasibility study of Lapu-Lapu Coastal Road in the Province of Cebu.
“In keeping with the government’s goal of ‘Build, Better, More’ to modernize the country’s infrastructure backbone, the rolling out of new infrastructure flagship projects will sustain rapid development and attract investments to achieve inclusive growth for all Filipinos,” Sadain explained.
DPWH is targeting to commence by June 2023 the detailed engineering design (DED) activities for the Panay-Guimaras-Negros Island Bridges.
Meanwhile, DPWH is targeting to commence by June 2023 the detailed engineering design (DED) activities for the Panay-Guimaras-Negros Island Bridges.
The engineering services of the 32.47-kilometer Panay-Guimaras-Negros Island Bridges is covered by $56.6 Million in loans from the Government of the Republic of Korea.
The scope of engineering services is preliminary design covering review of the feasibility study and preliminary and basic design, detailed engineering design including estimation of detailed construction cost, and procurement assistance.
Composed of two sea-crossing bridges connecting Panay Island, Guimaras Island and Negros Island in Western Visayas Region, the Panay-Guimaras-Negros Island Bridges Project will shorten travel time of commuters and motorist and transport of goods from Panay to Negros Islands through ferries/RORO of 3-4 hours to just less than 1 hour.