DPWH eyes South Korean loan for PBBM ‘Build, Better, More’ projects
The country is hoping to land a new loan program from the Korean government that may be utilized to finance at least four pipeline infrastructure projects in Central Luzon and Central Visayas, the Department of Public Works and Highways (DPWH) said on Friday, May 12.
Senior Undersecretary Emil Sadain, who is in-charge of the DPWH's infrastructure flagship projects under the “Build, Better, More” program of President Ferdinand R. Marcos Jr., met a fact-finding mission from the national headquarters of Export-Import Bank of Korea (KEXIM) on Wednesday, May 10, to discuss pipeline programs for a possible enhance cooperation under the Korean government’s Economic Development Promotion Facility (EDPF).
Sadain explained that the EDPF is a new Official Development Assistance (ODA) loan program of the Korean government to cover financial gaps 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 the Third River and Eastern Branch that traverses municipalities of Macabebe, Minalin, and Santo 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,’’ Sadain reported to DPWH Secretary Manuel Bonoan.
In keeping with the government’s goal of Build, Better, More to modernize the country’s infrastructure backbone, the roll-out of the new infrastructure flagship projects will sustain rapid development and attract investments to achieve inclusive growth for all Filipinos, the DPWH noted.
The DPWH added that it 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 South Korea.
The scope of engineering services are 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.