'Luzon Corridor' to Boost Philippine Economy
Editorial StaffThe Facts -
- The US, Japan, and other nations are investing in infrastructure in the Philippines for economic growth.
- The Luzon Corridor project will modernize ports and railways, and bring clean energy projects.
- The investments are part of the G7's Partnership for Global Infrastructure and Investment initiative.
High-quality infrastructure initiatives, including clean energy and port modernization, are coming to the Philippines through a partnership between the United States, Japan, and other nations. These projects are designed to boost economic growth.
During a historic trilateral summit on April 11, hosted at the White House by President Biden with Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Kishida Fumio, the investment plans connecting major cities and ports on Luzon, the Philippines' largest island, were announced.
"Our three nations are proud to initiate the inaugural Partnership for Global Infrastructure and Investment corridor in the Indo-Pacific", said the three leaders in a joint statement. "The Luzon Corridor exemplifies our increased economic collaboration."
The economic corridor will link Subic Bay, Clark, Manila, and Batangas in the Philippines, fueling growth in the semiconductor and other industries through modern ports, railways, and supply chain enhancements.
These investments are elements of the Partnership for Global Infrastructure and Investment (PGII), launched in 2022 by the G7 nations. PGII aims to generate $600 billion in public and private sector funding for sustainable, high-quality infrastructure in developing and middle-income nations. The U.S. has already committed over $30 billion in PGII projects.
The Luzon Corridor embodies the U.S.'s dedication to its partners in the Indo-Pacific Economic Framework, formed in May 2022, which aims to expedite investment in the region and encourage sustainable, inclusive economic development.
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