MANILA, Philippines — Executive Secretary Ralph Recto urged investors to submit their proposals for the Luzon Economic Corridor (LEC) as he assured them of the government’s commitment to address "investment bottlenecks."
Recto made the appeal on Wednesday during the welcome reception for the inaugural LEC Investment Forum in Manila which gathered about 600 international investors, industry executives, and government leaders for business matching.
He said the LEC initiative has the support of President Ferdinand Marcos Jr. and could generate up to one million jobs.
It aims to link Subic, Clark, Metro Manila, Batangas, and surrounding areas into an integrated economic hub supported by infrastructure, efficient logistics, reliable energy, digital connectivity, and a skilled workforce.
Malacanang said the countries helping advance the LEC include the United States, Japan, Australia, Canada, Denmark, France, Italy, South Korea, Sweden, and the United Kingdom.
Recto urged investors to translate their business interests into concrete proposals. "And in return, you will find a Philippine government with the strong political will, the urgency, and the determination to help make them happen.”
“We will bring the right people to the table. We will get agencies working together. And we will work hard to resolve the bottlenecks,” he said.
He assured them that the Philippine government "is ready to match" their long-term investment for the Filipino people with long-term commitment.
He cited the reforms being pursued by the Marcos administration to expand investment incentives, speed up approvals, open more sectors to foreign investment, and modernize infrastructure.
Recto described the corridor as a "once-in-a-generation opportunity to expand economic cooperation and strengthen the Philippines’ role in regional supply chains."
“Through this, the Philippines will help power the Indo-Pacific’s progress, strengthen its supply chains, and shape its long-term prosperity,” he said.
Present at the reception were Secretary Frederick Go; US Ambassador to Manila Lee Lipton; former US ambassador Heather Variava; Chargé d’Affaires ad interim Ono Sho of the Embassy of Japan; and Sabin Aboitiz, president and CEO of the Aboitiz Group and lead convener of the Private Sector Advisory Council.
