The European Union (EU) and Spain have joined as partners to the Luzon Economic Corridor (LEC) initiative, Finance Secretary Frederick Go announced during the LEC Investment Forum on Thursday.
Also, the United States Trade and Development Agency (USTDA) has signed agreements supporting the proposed expansion of Subic’s shipyard capacity.
The partnership was launched by the Philippines, United States, and Japan under the Partnership for Global Infrastructure and Investment in April 2024. It was later expanded to include Australia, Canada, Denmark, France, Italy, South Korea, Sweden, and the United Kingdom. The EU and Spain's participation brings the LEC's total number of partners to 13.
The LEC initiative connects the Subic Bay, Clark, Manila, and Batangas areas with the aim of modernizing infrastructure and boost investments along this corridor. It also intends to catalyze economic growth, generate jobs, and improve connectivity by focusing on transport and logistics, energy, and digital connectivity.
The corridor is also expected to strengthen supply chain security and resilience in key sectors.
"Originally, three nations shared an idea that multilateral economic cooperation can turn even the most ambitious undertakings into reality. In a short span of time, that idea and optimism grew eight formations together," said Go. "Today, we make history with the addition of two more partners of the Luzon Economic Corridor, which brings us to 13 countries in total."
He thanked the EU and Spain for their confidence and trust in the Philippines, US, Japan, and their other partners in the Luzon Economic Corridor initiative. "On behalf of the government of the Philippines, thank you for the partnership and trust," he said.
Go said they would continue working towards more investments, better infrastructure, more jobs, greater opportunities for Filipinos.
"[Together], we can do many great things," the Finance secretary said.
EU Ambassador to the Philippines Massimo Santoro said they have been looking forward to joining the initiative, and committed to deploying global investments in the country and bringing in support for advanced opportunities for the national and local governments.
Spanish Ambassador to the Philippines Miguel Utray Delgado said they look forward to working alongside every partner in the LEC initiative.
USTDA SUPPORT FOR SUBIC SHIPYARD The USTDA has also signed agreements supporting the proposed expansion of Subic’s shipyard capacity and the deployment of artificial intelligence (AI)-enabled Wi-Fi technology across the Philippines.
The USTDA is an independent government agency that helps build critical infrastructure in emerging markets while promoting American business interests.
The agreements were signed Thursday at the Luzon Economic Corridor Investment Forum in Taguig.
Under the first agreement, the USTDA will provide Subic Drydock Corp. with a grant to conduct a feasibility study on extending its existing berth. The full-service repair and maintenance shipyard, which operates in the Subic Bay Freeport Zone, has selected a California-based firm to undertake the study.
The project aims to produce construction-ready designs for expanding the company’s berthing, servicing and drive-off capacity. The expanded capacity would help meet growing demand for ship repair and maintenance services while strengthening maritime infrastructure in Subic.
The second agreement will give ComClark Network and Technology Corp. — the parent company of Philippine fiber internet provider Converge ICT Solutions — funding for a study to provide Wi-Fi access using US-made, AI-enabled technology.
ComClark has also selected a California-based company to conduct the study, which will include pilot deployments at six public sites. The pilots will assess market demand, technical requirements and commercial viability.
The study would lay the groundwork for the possible deployment of Wi-Fi access at about 8,000 locations nationwide by 2030.
The USTDA said the project could strengthen the country’s digital ecosystem and expand internet connectivity.
The agency has yet to disclose the value of the grants.
