MANILA, Philippines — The Philippines, United States, and Japan have expanded the Luzon Economic Corridor (LEC) partnership to include Australia, Denmark, France, Italy, South Korea, Sweden, and the United Kingdom (UK), the US Embassy in Manila said.
Launched in April 2024, the LEC will create thousands of high-quality jobs and transform Luzon into a more prosperous and interconnected region.
It is the first Partnership for Global Infrastructure and Investment corridor in the Indo-Pacific and aims to enhance connectivity between Subic Bay, Clark, Manila, and Batangas.
"Partners will contribute through technical assistance, financing, and facilitation of private sector investments, while actively participating in working groups focused on transport, energy, and digital infrastructure," the embassy said.
“The expansion of the LEC partnership demonstrates the power of collaboration among likeminded nations committed to transparency and shared prosperity,” said Finance Secretary Frederick Go, co-chairman of the LEC steering committee.
Australia is investing in the LEC through Australia’s Manila Deal Team. Canberra offered a new P1.9-billion or about $32.6-million partnership with Manila on inclusive economic growth.
Denmark seeks to revitalize Philippine shipbuilding, advance green maritime innovation, and foster investments, jobs, and sustainable industrial development. Denmark’s shipbuilding initiative aims to create 10,000 jobs.
France is financing 100 bridges through official development assistance, and industrial capacity building through a foreign direct investment project in the aeronautics sector.
Italy is increasing its public financial support in order to facilitate private sector investment from Italian companies in the transport, semiconductors, and manufacturing sectors
South Korea's contribution include a P1.5 billion or about $25.6million grant to establish the National Cyber Security Center and the Ninoy Aquino International Airport modernization project.
Sweden is contributing to Luzon’s Subic-Clark-Manila-Batangas freight railway through a P74-million or $1.2 million grant to fund a feasibility study on signaling systems and operational models.
The UK is deploying its full Growth and Investment Partnerships toolkit, providing technical assistance, P411 billion or about $6.8 billion in export finance, and mobilizing capital towards infrastructure and energy projects.
“The expansion of the Luzon Economic Corridor partnership shows what we can accomplish when likeminded nations unite around strategic infrastructure and shared prosperity," said Ambassador Heather Variava, US senior advisor for economic, energy, and business affairs.
“This expanded partnership reflects our shared vision for quality infrastructure development that respects transparency, sustainability, and the rule of law,” said Ambassador of Japan to the Philippines Endo Kazuya.
