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New ‘Luzon Corridor’ to drive Philippines’ economic growth [1]

['Noelani Kirschner']

Date: 2024-04-15 17:02:06+00:00

The United States, Japan and other partner nations are bringing high-quality infrastructure to the Philippines, including clean energy and port modernization projects to further economic growth.

Announced during the historic trilateral summit President Biden hosted at the White House with Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Kishida Fumio April 11, the investments will connect major cities and ports on Luzon, the Philippines’ largest island.

“Our three nations are proud to partner on the first Partnership for Global Infrastructure and Investment corridor in the Indo-Pacific,” the three leaders said in a joint statement. “The Luzon Corridor is a demonstration of our enhanced economic cooperation.”

The economic corridor will connect Subic Bay, Clark, Manila and Batangas in the Philippines through modernized ports, railways, clean power projects and supply chain improvements to advance the semiconductor and other industries.

The investments are part of the Partnership for Global Infrastructure and Investment (PGII) that Group of Seven nations of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States announced in 2022 to mobilize $600 billion in public and private sector funding for sustainable, quality infrastructure in developing and middle-income countries. The U.S. has already invested over $30 billion in PGII projects.

The Luzon Corridor demonstrates U.S. commitment to partners in the Indo-Pacific Economic Framework, launched in May 2022, to accelerate investment to the region and promote sustainable, inclusive economic growth.

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[1] Url: https://share.america.gov/new-luzon-corridor-to-drive-philippines-economic-growth/?utm_source=homepage&utm_medium=hero&utm_campaign=share_america&utm_id=123

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