The Philippines, Japan, and the United States plan to kick off new infrastructure projects through the Partnership for Global Infrastructure and Investment (PGII). Dubbed the Luzon Economic Corridor, it will serve as connecting hubs that will link Subic Bay, Clark, Manila, and Batangas.
The initiative was introduced while President Ferdinand Marcos Jr. was in Washington, D.C., attending a trilateral meeting with Japanese Prime Minister Kishida Fumio in addition to a bilateral meeting with US President Joe Biden.
The G7 countries established the PGII with the goal of raising up to USD 600 billion by 2027 to close the infrastructure investment gap in partner nations.
‘Luzon economic corridor’
Following the trilateral conference, the three nations released a joint vision statement that stated, "Today we are launching the Luzon Economic Corridor, which will support connectivity between Subic Bay, Clark, Manila, and Batangas in the Philippines."
The three nations pledged to quicken coordinated investments in high-impact infrastructure projects, including agribusiness, rail, ports modernization, clean energy and semiconductor supply chains and deployments, and enhancements to Subic Bay's civilian port.
The three nations stated that their goal is to draw attention to the project and entice investments during the May Indo-Pacific Business Forum in Manila.
In order to draw "quality, transformative" investments, they also aim to lure collaborations with the private sector and multilateral organizations.
Additionally, they emphasized that close coordination is necessary to address "economic coercion" and advance "enduring, inclusive economic growth and resilience in (their) countries and the broader Indo-Pacific."
Projects that enhanced objectives
“We are pursuing economic projects that advance our shared objectives: promoting broad-based and sustainable economic growth, and investing in resilient, reliable, and diversified supply chains,” the three leaders wrote.
A regional office will also be established in Manila under the US International Development Finance Corporation (DFC) "to facilitate further investment across the country."
“The Luzon Corridor is a demonstration of our enhanced economic cooperation, focused on delivering tangible investments across multiple sectors. Japan, the Philippines, and the United States are also partnering to expand cooperation and investments in other areas of the Philippines,” they penned
