G7 investing more in Luzon logistics infra
G7 countries plan to mobilize up to $600 billion by 2027 to help narrow their infrastructure investment gap in partner countries.
Daily TribuneG7 countries plan to mobilize up to $600 billion by 2027 to help narrow their infrastructure investment gap in partner countries.
Talks to boost G7 investments on logistics infrastructure for Luzon transpired on Tuesday at the United States (US) Ambassador’s residence in Forbes Park, Makati City.
US Assistant Secretary of State for the Bureau of Economic and Business Affairs Ramin Toloui met with Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go; Finance Secretary Ralph Recto, and Board of Investments managing head Undersecretary Perry Rodolfo and they discussed the development of the Luzon economic corridor.
“We have discussed the Luzon corridor, which is a collaboration to develop the infrastructure connecting Subic, Clark, Manila and Batangas. This is important because 40 percent of the country’s population lives in Luzon and half of the country’s GDP (gross domestic product) is produced in Luzon,” Toloui told reporters.
Manila is the fourth stop of Toloui’s fourth Asian trip, after visiting Tokyo, Japan; Ho Chi Minh City in Vietnam, and Seoul, South Korea the past days.
He said his economic visit is focused mainly on deepening partnerships with Asian allies and strengthening resilience in the supply chains.
Last 11 April, the US government announced that they will work hand in hand with Japan and the Philippines for the Partnership for Global Infrastructure and Investment (PGII) Luzon Corridor.
The PGII, founded by the G7 countries, will mobilize up to $600 billion by 2027 to help narrow the infrastructure investment gap in partner countries.
The investment initiative is deemed to “accelerate coordinated investments in ports, rail service, clean energy, semiconductors, supply chains and other forms of connectivity in the Philippines.”
“Strengthening the transport and logistics infrastructure can be an accelerator for further economic development in various sectors such as manufacturing, clean energy and agribusiness. We want to be a partner with the Philippines to realize that vision,” the American official said.
Earlier, Trade Undersecretary Mary Jean Pacheco said at the “Supply Chains Unlinked: Overcoming logistics obstacles in business expansion in the Philippines” forum organized by logistics firm Ninja Van Philippines, that the top challenge for logistics firms was infrastructure, with the Philippines being an archipelagic country plus with a voluminous registry and regulatory compliance requirements, and the lack of skills of its logistics workforce.
