EU, Spain back Philippines’ Luzon corridor
FINANCE Secretary Frederick Go says including Spain and the European Union in the Luzon Economic Corridor should help accelerate foreign investment.
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FINANCE Secretary Frederick Go says including Spain and the European Union in the Luzon Economic Corridor should help accelerate foreign investment.
DAILY TRIBUNE images
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The European Union (EU) and Spain have joined the Luzon Economic Corridor (LEC), bringing the number of international partners in the initiative to 13 as the Philippines seeks to attract more investment in infrastructure and strategic industries.
Finance Secretary Frederick Go formally announced the new partnerships during the first LEC Investment Forum in Manila on Thursday, saying the participation of the EU and Spain would expand the Philippines’ access to financing, technology, technical expertise and private-sector networks.
“We are very pleased to welcome the European Union and Spain to the partnership. Their participation brings additional expertise, technology, capital and global business networks that can help accelerate investments and develop the infrastructure to support the Philippines’ growth,” Go said in a statement.
Strong vote of confidence in the Philippines
“This is a strong vote of confidence in the Philippines and in the opportunities that our economy offers,” he added.
The EU said it would support the LEC through its Global Gateway initiative, with potential investments and financing for renewable energy, digital connectivity and other infrastructure projects.
EU Ambassador to the Philippines Massimo Santoro said the bloc sees the corridor as an important part of its economic partnership with the Philippines.
“We are bringing in our support for advancing opportunities at [the] national, [as well as at the] local, governmental, and human level,” he said.
“We are also sustaining the Philippines’ government priorities on good governance for accountable justice, thus attracting more public and private investments and services, benefiting our people and societies,” he added.
Spanish support for LEC projects
Spain, meanwhile, said it would support LEC projects through technical assistance, private-sector participation and financing. Spanish Ambassador to the Philippines Miguel Delgado affirmed his nation’s readiness to help achieve the LEC’s goals through technical assistance and partnerships with the private sector.
