The Department of Public Works and Highways (DPWH) and the Export-Import Bank of Korea (KEXIM), the agency for Economic Development Cooperation Fund (EDCF) of the Government of Korea (GOK), has taken a pivotal move towards construction of Samar Pacific Coastal Road II (SPCR 2) Project in Northern Samar by officially signing the Minutes of Discussion for potential financing for this flagship road project.
Senior Undersecretary Emil K. Sadain, in-charge of DPWH infrastructure flagship projects, and EDCF Director Tae-Bum Kim signed on Friday, October 27, 2023 the Minutes of Discussion which is a crucial milestone in the planning and financing of the SPCR 2 Project.
The ceremonial signing was also attended by KEXIM-EDCF Manila Representative Office Country Director Jae-Jeong Moon and Deputy Country Director Yun-Hak Lee; EDCF Senior Project Officer SoongHo Kim and Project Officer Yoo-Hwan Song; Project Director Sharif Madsmo H. Hasim and Project Manager Teresita V. Bauzon of DPWH Unified Project Management Office - Roads Management Cluster II (Multilateral); DPWH Stakeholders Relations Service Director Randy R. Del Rosario, and Project Manager Shirley Castro of the Office of the DPWH Senior Undersecretary.
Senior Undersecretary Sadain said that the signing of the Minutes of Discussion after the four (4)-day KEXIM appraisal mission to undertake fact-findings and complete review and analysis is a key moment in the efforts to secure loan for the 15-kilometer project that will facilitate direct connectivity and efficient mobility of vehicles between Laoang island and mainland Samar by constructing two (2) bridges namely 800-meter Laoang 2 Bridge and 605-meter Calomotan Bridge and improving the existing roads from the Catarman-Laoang Road Junction to the Laoang-Palapag Road Junction.
According to DPWH Secretary Manuel M. Bonoan, the SPCR 2 Project holds the promise of improving the Filipinos quality of life and boosting economic opportunities within Eastern Visayas Region.
“The development of SPCR 2 Project which forms part of the circumferential road loop of Samar Island and complements the recently completed Samar Pacific Coastal Road 1 Project underscores the administration of President Ferdinand R. Marcos Jr. dedication to provide a more reliable and economical means of transportation”, said Secretary Bonoan.
The team and representatives from the Korea Export-Import Bank, DPWH and other relevant government agencies commence the appraisal mission with a kick-off meeting at the DPWH Central Office in Port Area, Manila on October 24, 2023.
The kick-off meeting marks another chapter in the long-standing partnership of the Government of the Philippines and the Republic of Korea in rolling out projects that will turn the Filipino aspiration of national development into reality.
The proposed SPCR 2 Project is one (1) of the 197 infrastructure flagship projects under President Marcos administration’s “Build, Better, More” program.
President Marcos gave the go-signal for SPCR 2 Project during the 7th National Economic Development Authority (NEDA) Board Meeting on July 19 in Malacañang, five (5) days after he together with South Korean Ambassador to the Philippines Lee Sang-Hwa and DPWH Secretary Manuel M. Bonoan led the inauguration of the 11.6-kilometer SPCR Phase 1 Project in Palapag, Northern Samar funded by Government of the Philippines with assistance from the Export-Import Bank of Korea.
The kick-off meeting focused on technical discussion on the project cost and financing, environment and social impact assessment, road right of way, procurement plans, project implementation and components.
On October 25 and 26, the KEXIM team conducted site visits along the proposed road alignment in the towns of Laoang and Palapag, Northern Samar.
When completed, SPCR 2 Project will not only reduce travel time but will also significantly improve accessibility to goods and services. This will contribute to the economic growth of Northern Samar and enhance the overall quality of life for the people of Laoang and nearby communities.
Article courtesy of The Department of Public Works and Highways