28 priority projects lined up for Luzon Economic Corridor
27 May 2024
MANILA, Philippines — The Philippine government has presented a list of 28 priority projects in areas such as infrastructure development, electronics and semiconductors, food production and storage and renewable energy sourcing in the proposed Luzon Economic Corridor.
Special Assistant to the President for investment and economic affairs Frederick Go said these projects provide opportunities for investment and development along the corridor, which will connect Luzon’s key economic hubs: Subic Bay, Clark, Manila and Batangas.
Government finance and economic leaders from the United States and Japan recently met with their Philippine counterparts in Manila to seal their commitments to fast-track the Luzon Economic Corridor project. Following a plenary session of the Indo-Pacific Business Forum that tackled how US government tools catalyze investments in partner economies, the business leaders gathered and took the opportunity to convene a tripartite steering committee that will see through the development of the prosperity corridor.
The formation of the steering committee is the result of the leaders’ commitment in April to develop the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment (PGI) Indo-Pacific Economic Framework (IPEF) Investment Accelerator.
“We in the United States side represent the different agencies that will all be significant piece of making this a reality from our side,” senior advisor to the US President for energy and investment Amos Hochstein said.
He likewise cited the establishment of a local office of the US International Development Finance Corp. as clear proof of the American government’s supportive stance on the ambitious development.
“We’re here. The US side is represented, for this effort, by the Eximbank, USIDFCA, the USAID, the TDA and Department of Commerce and Department of State, so I think we’re trying to bring the whole breadth of the US government to this effort,” he added.
Deputy CEO of the USIDFC Nisha Biswal confirmed plans to set up shop in the country in the coming months: “We are very excited to open an office here in Manila and in a few months we are going here. (Our) continuous presence here will allow us to coordinate much purposefully and, with all of you, we will be able to connect with the private sector and be able to increase our pipeline projects in the Philippines.”
On the part of the Japanese group, Hideo Ishizuki, director-general of the International Cooperation Bureau stressed their country’s intention to move the project forward: “We share the recognition of the importance of the Luzon Economic Corridor region and Japan is supporting connectivity in the region including railways and roads, through JICA, for many years. Having an inter-agency delegation from the Japanese side demonstrates our enthusiasm to advance this tripartite partnership for the Luzon economic corridor.”
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