BUSINESS
Luzon Economic Corridor draws 600 investors to Manila
President Ferdinand R. Marcos Jr. said the continued expansion of the Luzon Economic Corridor (LEC) reflects growing confidence in the Philippines as an investment destination despite the broader economic downturn the country currently faces.
A trilateral initiative between the Philippines, the United States and Japan, the LEC has been positioned by the government as an investment hub aimed at creating quality jobs while improving logistics, transportation and infrastructure through partnerships with the local private sector and foreign investors.
“When we launched the LEC with the United States and Japan in 2024, we set out to strengthen the connections among Subic Bay, Clark, Metro Manila and Batangas,” Marcos said at the inaugural LEC Investment Forum in Taguig on Thursday morning.
“Australia, Canada, Denmark, France, Italy, the Republic of Korea, Sweden and the UK have joined as partner countries, bringing additional expertise, resources and private-sector capabilities. This growing interest reflects confidence in the Philippines as a reliable partner and an attractive destination for long-term investment.”
Return to pessimism
The Bangko Sentral ng Pilipinas’ latest Business Expectations Survey indicated a return to pessimism in July amid the energy crisis. Coinciding with the forum was the release of the latest foreign direct investment statistics by the central bank, which reported a 5.7 percent year-on-year decline in offshore inflows for the first six months of the year.
Marcos and Finance Secretary Frederick Go have been vocal about attracting foreign inflows, which have remained subdued since the outbreak of last year’s flood control scandal.
Go later introduced the European Union and Spain as the newest members of the LEC, likewise describing their inclusion as a reflection of continued confidence and trust in the Philippines.
Administration’s strategy for organizing growth
Meanwhile, Marcos said the LEC serves as his administration’s strategy for “organizing growth.”
“We are moving from identifying possibilities to preparing projects; from expressions of interest to commercial partnerships; from a shared vision to investments that can be implemented and objectively measured,” he said.
“By connecting these areas more efficiently, we are creating a powerful economic platform for Luzon and the entire country,” he added.
Economic growth has slumped for four consecutive quarters as infrastructure investment remains hampered by probes into the flood control scandal. Marcos, whose cousin Martin Romualdez was arrested earlier this week in connection with the scandal, described the LEC as an “all-of-nation effort” to help resuscitate the economy.
“We want you to regard the Philippines not simply as another market, but as a trusted partner and a place where you can build, innovate, and grow for generations,” he told current and prospective investors at the forum.
Sponsored by the US Trade and Development Agency, the event gathered some 600 international investors, industry leaders, project developers and government officials, showcasing investment opportunities in advanced manufacturing, digital connectivity, energy, transportation and logistics.