Italy eyes more investments in Luzon Economic Corridor
Italian investments could create jobs, bring new technologies to the Philippines, and strengthen infrastructure connecting businesses and communities as Italy seeks to deepen its participation in the Luzon Economic Corridor (LEC), the Department of Finance (DOF) said.
Representatives from 10 Italian companies attended a meeting with Philippine officials, including Fincantieri, CESI SpA, SIAD Macchine Impianti, and MERMEC Group. The companies operate across key sectors such as transportation, energy, water, shipbuilding, advanced underwater technologies, irrigation, engineering, and construction-related services.
Italy’s major trade and financial institutions also joined the business mission: Cassa Depositi e Prestiti (CDP), SIMEST, SACE, and the Italian Trade Agency (ITA). Together, they provide an integrated public platform offering tailored financing, guarantees, and other financial instruments to support the international expansion of Italian companies.
“We welcome all investments in the country, especially those that create good, quality job opportunities for our people,” Finance Secretary Frederick Go, who also serves as Philippine chair of the LEC, said.
A trilateral initiative involving the Philippines, the United States, and Japan, the LEC has been positioned by the government as an investment hub aimed at creating quality jobs and improving logistics, transportation, and infrastructure through partnerships with local businesses and foreign investors.
Go introduced the European Union and Spain as the LEC’s newest members at the corridor’s investment forum last month, describing their inclusion as a reflection of continued confidence in the Philippines.
Italian Ambassador to the Philippines Davide Giglio reaffirmed Italy’s interest in the LEC as an opportunity for Italian businesses.
“We believe the Luzon Economic Corridor is a unique opportunity for greater involvement of Italian businesses in this country. The companies present today are a vote of confidence showing commitment and interest in our long-term partnership,” Giglio said.
The recent LEC forum drew criticism from a sizable group of protesters who gathered outside the event’s venue in Taguig to oppose, among other things, the planned Pax Silica initiative, which is slated to become part of the LEC pending formal approval.
Four individuals were arrested following a brief skirmish with police. Demonstrators held signs warning of Pax Silica’s potential environmental impact and the possible exploitation of Filipino resources and workers by Western nations, including the United States and Israel.
Go has defended the initiative and the broader LEC as opportunities to attract more foreign investment into the country. Foreign direct investment net inflows fell by 44.1 percent year on year in July, according to the central bank.
“The Pax Silica Project is on top of the priority list of the American side. If we are going to do this, we might as well do this as fast as possible so that we can provide jobs and be a significant player in the technology of the future, which is artificial intelligence,” Go told reporters earlier.