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Australia, South Korea, Sweden, and the United Kingdom are among the countries that have expressed interest in possibly investing in the Luzon Economic Corridor
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Representatives for the four countries attended a joint exploratory meeting in Malacañang recently
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Frederick Go, special assistant to the president, said: “The LEC, which is the first of its kind in the Indo-Pacific Region, has been gaining ground and receiving strong support from its partners”
Australia, South Korea, Sweden, and the United Kingdom are among the countries that have expressed interest in possibly investing in the Luzon Economic Corridor (LEC).
Representatives for the four countries attended a joint exploratory meeting in Malacañang recently.
The LEC connects Subic Bay, Clark, Manila and Batangas with high-impact infrastructure projects that include railways and ports. It is a partnership between the Philippines, US, and Japan that was announced during a trilateral conference in Washington DC last April.
READ: US, Japan, PH to develop Luzon Economic Corridor
Frederick Go, Special Assistant to the President for Investment and Economic Affairs, said: “The LEC, which is the first of its kind in the Indo-Pacific Region, has been gaining ground and receiving strong support from its partners.”
He said: “The commitment from these like-minded partners signals a robust future for the LEC.”
Those commitments carry with them the promise of enhanced infrastructure, sustainable development, and strengthened economic ties across borders, he added.
Australian Charge d’ Affaires Moya Collet noted the focus on increasing trade and investment ties with the Philippines. His country is set to invest more than P20 billion to help the Philippines attain its development goals in the next five years.
UK Ambassador to the Philippines Laure Beaufils cited the ongoing investments in green infrastructure, renewable energy, and transport, plus financing in sustainable development initiatives in technical security and mining partnerships.
Lee Sang-Hwa, South Korean ambassador to the Philippines, also took note of the commitments on sustainable infrastructure investments, with partnerships in the Light Raikl Transport, North-South Commuter Railway Project, and Laguna Lakeshore Road Network.
For his part, Johan Lennefalk, Sweden trade commissioner, cited the country’s commitment to foster inclusive economic growth, along with initiatives such as the feasibility study for a freight railway project along with healthcare and mining projects.
Separately, Sweden and Manila signed a memorandum of understanding on Financial and Development Cooperation on November 22. Signatories were Finance Secretary Ralph Recto and Minister for Infrastructure and Housing Andreas Carlson.
The MOU will provide an additional basis for the Philippine government to tap and access grants, technical assistance, concessional official development assistance, and/or blended financing from the Swedish Government for priority programs and projects of the country.
The high-impact sectors covered by the agreement—where Sweden has a comparative advantage—are sustainable infrastructure development, public transportation, renewable energy, and water and waste management, among others.
In particular, the projects in the pipeline include the EDSA Busway Project, the Iloilo Bus Rapid Transit, the Subic-Clark-Manila-Batangas Railway Project, the National Bus Standardization, the Hydropower Potential Resource Assessment, and the National Power Corporation – Hybridizing Diesel Power Plants.
