PHL Seals Financing Deal for Panay-Guimaras-Negros Bridges

By Francis Allan L. Angelo

The Philippines secured a significant financing agreement with South Korea to advance the Panay-Guimaras-Negros Island Bridges Project, expected to enhance mobility and spur economic growth in Western Visayas.

Finance Secretary Ralph G. Recto signed the agreement with South Korean Deputy Prime Minister Choi Sang-mok. The signing, witnessed by President Ferdinand Marcos Jr. and South Korean President Yoon Suk Yeol, took place during Yoon’s state visit to the Philippines.

The project involves constructing two four-lane, sea-crossing bridges spanning a total of 32.47 kilometers. Once completed, these bridges will cut travel time between the three islands from 3-4 hours by ferry to less than one hour by car. The total cost of the project is PHP 187.54 billion, with the Export-Import Bank of Korea (KEXIM) funding the detailed engineering design through a USD 56.61 million (around PHP 3.21 billion) loan signed in 2022. The design phase is expected to be completed by 2025, with construction set for completion by 2031.

“These projects are a testament to the strong friendship between the Philippines and South Korea. Beyond enhancing mobility, they will create jobs, spur businesses, boost incomes, and uplift Filipino lives—helping reduce poverty, especially in Luzon and Visayas,” Recto said, emphasizing the project’s economic potential.

The Panay-Guimaras-Negros bridge is part of a larger effort to improve connectivity across the Philippines’ many islands, enhancing trade, tourism, and quality of life.

Once operational, the bridges will facilitate faster transport of goods and services, supporting local economies and boosting investments.

Construction is set to begin in the second half of 2025.

The project includes two sections: the Panay-Guimaras Bridge (Section A) and the Guimaras-Negros Bridge (Section B), which are vital to improving connectivity between Panay, Guimaras, and Negros islands.

Department of Public Works and Highways (DPWH) Western Visayas Director Sanny Boy Oropel confirmed the timeline during a press conference on September 28, 2024.

“The construction of Section A will start in the second semester of 2025, and we expect to finish the Panay-Guimaras portion by June 2028,” Oropel said.

The entire project will cover 33.086 kilometers, with the Panay-Guimaras Bridge measuring 13.616 kilometers and the Guimaras-Negros Bridge 19.470 kilometers.

Oropel added that Section B construction is tentatively scheduled to start after June 2028, though no specific timeline has been set.

The estimated cost of the project, linking Iloilo, Guimaras, and Negros provinces, is PHP 167.5 billion. The Panay-Guimaras section will cost PHP 57 billion, while the Guimaras-Negros portion is projected to cost PHP 109.8 billion.

In addition to the Panay-Guimaras-Negros project, other major infrastructure deals were signed with South Korea, including the PHP 6.34 billion Samar Pacific Coastal Road II Project and the PHP 181.03 billion Laguna Lakeshore Road Network Project.

The Laguna Lakeshore project, spanning 37.6 kilometers of road networks from Taguig City to Calamba, Laguna, will cut travel time from Filinvest to Lower Bicutan by nearly 60%, from 33.5 minutes to just 13.7 minutes, once completed in 2028.

These projects are part of the government’s long-term infrastructure plan aimed at promoting regional growth and reducing logistical barriers. South Korea remains the Philippines’ sixth-largest official development assistance (ODA) partner, with commitments totaling around USD 958.11 million (approximately PHP 54.33 billion).