• CHERYL G. CRUZ
The financing deal for the Panay-Guimaras-Negros (PGN) Island Bridges Project was one of three agreements sealed between the Department of Finance (DOF) and the Government of Korea during the state visit of South Korean President Yoon Suk Yeol to the Philippines early this week.
The DOF said Oct. 9 that a memorandum of understanding (MOU) was signed and exchanged in a ceremony between Finance Secretary Ralph Recto and Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok Oct. 7, witnessed by President Ferdinand Marcos Jr. and Yoon.
The MOU serves as a document for the cooperation between both governments relating to the prospective financing of the project.
With total project cost of P187.54 billion, the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) is currently financing the conduct of the Engineering Service or Detailed Engineering Design (DED) for the PGN bridges project under a USD 56.61 million (about P3.21 billion) financing signed on April 10, 2022.
The DED is expected to be completed in 2025, the DOF said.
The interisland bridges project involves the construction of two sea-crossing, four-lane bridges spanning 32.47 kilometers combined, including connecting roads and interchanges, that will connect the islands of Panay, Guimaras, and Negros.
“Once the interlink bridges are completed in 2031, the travel time of commuters, motorists, and transport of goods from Panay to Negros Island, through ferries or Ro-Ro (roll-on, roll off) vessels will be shortened from three to four hours to just less than one hour,” the DOF said.
Two other big infra projects with sealed financing deals are the Samar Pacific Coastal Road II Project, also supported by KEXIM-EDCF, and worth about P6.34 billion; and the MOU for the Laguna Lakeshore Road Network Project Phase 1, worth P181.03 billion.
“These projects are a testament to the strong friendship between the Philippines and South Korea,” Recto said during the ceremonial exchange of agreements. “Beyond enhancing mobility, they will create jobs, spur businesses, boost incomes, and uplift Filipino lives—helping reduce poverty, especially in Luzon and Visayas.”
In Bacolod, the Sangguniang Panlungsod (SP) endorsed to the Regional Development Council in Western Visayas, chaired by Mayor Alfredo Benitez, a resolution requesting the conduct of a feasibility study on the possibility of constructing a railway system, in conjunction with the proposed PGN bridges project.
“The SP recognizes the need to explore the potential of constructing a railway system as part of the bridge infrastructure, to ensure that the project maximizes its benefits for the people of Negros Occidental, Guimaras, and Iloilo,” the resolution, authored by Councilor Al Victor Espino, said.
Conducting a feasibility study is crucial in determining the technical, economic, environmental, and social viability of integrating a railway system into the planned PGN bridges construction, Espino said.
“The establishment of a railway system along the bridge could significantly reduce travel time between the islands, improve the movement of goods, boost tourism, and foster economic development within the region,” he added. | CGC
