Loan deal to jump-start key road project in Northern Samar

Tacloban: The Northern Samar provincial government has welcomed the recent loan agreement on the USD111.43 million (about PHP6.34 billion) Samar Pacific Coastal Road 2 (SPCR 2) project between the Philippine government and the Export-Import Bank of Korea.

The signing on October 7, Gov. Edwin Ongchuan said, marks the start of the long-time dream of the province for the Talisay-Laoang Bridge (Laoang Bridge 2) and Calomotan-Pangpang Bridge (Laoang Bridge 3) under the SPCR 2 project.

SPCR 2 covers the construction of two major bridges to complete the connectivity of the Pacific towns to Laoang town and the rest of Samar island.

‘The project aims to provide a seamless connection for the people and goods between Laoang Island and the Samar mainland and contribute to the growth of the province of Northern Samar,’ Ongchuan said in a statement on Friday.

Once completed in 2029, the project will cut travel time from Laoang to Palapag towns to 19 minutes from the current 65 minutes, he said.

‘We have relentlessly p
ushed for this project at the national level under my term in the 19th Congress, as this will increase the economic development of Northern Samar’s 2nd district,’ Rep. Harris Ongchuan said in a separate statement.

The Export-Import Bank of Korea supported the construction of SPCR 1, also called the Simora-Palapag Road, which has only been inaugurated this year, through a loan agreement.

On July 14, 2023, President Ferdinand R. Marcos Jr. led the inauguration of the Korean-funded SPCR 1 project in Northern Samar, completed after five years of construction.

The President approved the local government’s request for the inclusion of the SPCR 2 project during the 7th National Economic and Development Authority Board Meeting at Malacañang on July 19 this year.

The provincial government sees the SPCR 2 project as a key to eradicating insurgency, enhancing connectivity, stimulating economic growth, and unlocking the full potential of the province’s tourism sector.

Source: Philippines News Agency