(Photo of the Department of Public Works and Highways)
This financing program by the AIIB is part of two loans to the Philippines totaling over P13.6 billion to support the government's "Build Better More" program under the Marcos administration.
This will fund the 37.5-kilometer LLRN which will help speed up the flow of traffic in Metro Manila and the areas surrounding Laguna de Bay.
Included in the course of the LLRN Phase 1 are those on the western shore of Laguna de Bay, starting from Barangay Lower Bicutan in Taguig City, going through Muntinlupa; San Pedro, Biñan, Sta. Rosa, Cabuyao, and ending in Calamba, Laguna.
The AIIB noted on their website that their contribution to the funding of the first part of the LLRN "shall finance the first group of the civil works and consulting service contracts awarded to this project aimed at improving urban mobility not only in Metro Manila but also in areas surrounding Laguna de Bay."
Earlier, the Asian Development Bank (ADB) and the Philippine government signed an agreement last month for a loan for over $1.69 billion (or about P100 billion) aid package to further extend the C6 Road near the lake to reduce travel time from Barangay Lower Bicutan, Taguig City to Calamba City in the Laguna Province, especially during rush hour.
Meanwhile, the northern part of the LLRN, a 7.9-kilometer road, will be funded by the Export-Import Bank of Korea or Korea Eximbank's Economic Development Cooperation Fund (KEXIM-EDCF) at a cost of $904.35 million.
The government will also release $6 million (or over P351 billion) from the $50 million (over P2.9 billion) total project cost for FAST-Infra.
