More than 600 investors, business leaders and government officials gathered in Manila for the inaugural Luzon Economic Corridor (LEC) Investment Forum as the Philippines, the United States and Japan seek to accelerate private-sector investment in key industries.

The forum, held on 10 September, and sponsored by the US Trade and Development Agency (USTDA), focused on transportation, energy, digital infrastructure and advanced manufacturing supply chains.

The forum featured project pitches, deal signings and discussions aimed at improving connectivity, strengthening supply chains and attracting private capital to projects across the corridor.

US Ambassador to the Philippines Lee Lipton said the US government remains committed to the initiative as a platform for expanding commercial opportunities between the two countries.

“The United States is all-in on the Luzon Economic Corridor because it’s good for the Philippines and good for America,” Lipton said. “It means more investment, stronger supply chains, and high quality jobs in both our countries.”

Among the agreements announced was USTDA support for the expansion of a ship repair facility at Subic Bay and a project to pilot artificial intelligence-enhanced, US-made Wi-Fi access points to strengthen digital connectivity in the Philippines.

The United States and the Philippines also signed the $60-million Philippines Energy Threshold Program through the Millennium Challenge Corp.

The program seeks to improve energy-sector governance, address high power costs and reliability concerns, and create a more favorable environment for investment.

The corridor partnership also expanded during the forum with the addition of the European Union and Spain. 

They joined Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom as partner economies.

Finance Secretary Frederick Go said the expanding partnership should translate into infrastructure improvements, stronger supply chains, increased investment and more jobs.

“We are working toward tangible results: better infrastructure, stronger connectivity and supply chains, more investment, more jobs, and greater opportunities for the Filipino people,” Go said.

The LEC stretches from Subic Bay and Clark through Manila to Batangas, covering an area that accounts for about half of the country’s gross domestic product (GDP).