THE European Union will focus its participation in the broader Pax Silica initiative on the Luzon Economic Corridor (LEC), with priority investments in digital connectivity and the green economy, EU Ambassador to the Philippines Massimo Santoro said.
Finance Secretary Frederick Go announced at the LEC Investment Forum earlier this month that the EU and Spain would join the initiative. The EU’s participation at the bloc level will complement the involvement of individual European countries.
Santoro said the EU would bring its Global Gateway Initiative to the economic corridor, directing ongoing cooperation toward projects concentrated in Luzon.
“As we have just joined the LEC, we will have to discuss with our partners how to translate our ongoing cooperation under the Global Gateway Initiative into specific projects,” he said.
The EU has allocated €60 million for green economy projects and €20 million for digital connectivity under the initiative.
It previously signed a €20-million grant agreement with the Philippines for the EU-Philippines Digital Economy Package, which aims to accelerate the country’s digital transition and establish it as a connectivity hub in Southeast Asia.
A separate €60-million grant was provided for the Green Economy Program for the Philippines.
Santoro said funding for the projects could still increase, with individual EU member states allowed to contribute additional resources.
Member states that are not formally part of the LEC may also participate indirectly through the Global Gateway Initiative or support corridor projects separately, Santoro added. Giselle Jordan
