New European partner to join Luzon corridor pact

MANILA, Philippines — Another European country is poised to enter the fold of the Luzon Economic Corridor (LEC), an initiative aimed at channeling more investments into the strategic growth belt spanning Metro Manila, Subic, Clark and Batangas.

Without disclosing the country, Finance Secretary Frederick Go said on the sidelines of the EJAP Economic Forum on Friday that the new European partner will be officially welcomed in September at the inaugural LEC Investment Forum.

READ: Foreign investors coming to scout Luzon

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In a separate message to the Inquirer, Trade Secretary Cristina Roque confirmed that “several partners have expressed interest to join LEC” but said any announcement would be premature as details were still being ironed out.

Should the latest talks materialize, the addition of another European country would bring the corridor’s European partners to six, joining Denmark, France, Italy, Sweden and the United Kingdom.

Tripartite members

Other LEC partners include its original tripartite members—the Philippines, United States and Japan—as well as Australia, Canada and South Korea.

Of these 11 existing partners, eight joined only in May, pledging financial and technical support for projects planned along the corridor, which covers areas that collectively account for about 50 percent of Philippine gross domestic product.

Among the largest commitments announced then came from the United Kingdom, which said it would deploy up to P411 billion in export financing, alongside technical assistance and investment mobilization for infrastructure and energy projects.

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In his presentation at the forum, Go touted the LEC as the “perfect hub for investors,” pointing to its focus on energy, transport and logistics, advanced manufacturing and digital connectivity.

Project sites

The corridor is also being positioned as a “critical node” in trusted global technology supply chains through digital connectivity and advanced manufacturing projects, particularly with the proposed Pax Silica hub in New Clark City.

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On Sept. 10 and 11, the Philippines will again pitch the LEC to international investors, industry leaders and project developers who will be among some 600 participants coming to Manila for the first investment forum dedicated to the corridor.

READ: 7 more countries join Luzon corridor pact

Participants will also visit prospective project sites in Subic, Clark and Batangas.

Formed in 2024, the LEC is the first Partnership for Global Infrastructure and Investment economic corridor in the Indo-Pacific region.

It seeks to mobilize investments in projects involving railways, port modernization, clean energy, semiconductor supply chains and deployment, agribusiness and civilian port upgrades. INQ