THE European Union’s (EU) entry into the Luzon Economic Corridor (LEC) could give EU member states that have yet to formally join the infrastructure initiative a route to participate through bloc-backed projects, according to EU Ambassador Massimo Santoro.
Santoro said the European Commission’s participation in the LEC will be anchored on the EU’s Global Gateway initiative-its strategy for financing infrastructure projects worldwide-particularly those involving green infrastructure and digital connectivity.
‘So this means that the moment that we would bring into the Luzon Economic Corridor initiatives of Global Gateway, to which member states of the European Union who are not formally part of the Luzon Economic Corridor are members, this would entail that they somehow indirectly could participate in that,’ Santoro told reporters on the sidelines of the recent Association of Southeast Asian Nations (Asean)-EU Business Summit in Pasay City.
The EU, together with Spain, joined the LEC at the bloc level on September 10, following earlier commitments by individual European countries.
The additions brought to 10 the number of international partners beyond the Philippines, the United States and Japan.
The other partners are Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom.
With the EU now formally part of the corridor, Santoro said Brussels is working with LEC partners to determine how existing Global Gateway cooperation can be translated into specific projects along the Luzon corridor.
The bloc has about pound 60 million under its current Global Gateway budget for green projects and around pound 20 million for digital connectivity, although Santoro said these allocations could still increase.
Further, the EU-level funding would complement investments from individual member states rather than replace them, the envoy said.
‘It will complement it, of course,’ Santoro said. ‘So definitely yes, it’s complementary, it’s big and can go beyond the contribution of a single member state.’
Individual countries could also finance projects outside the scope of the EU-level Global Gateway allocation for the LEC, he added.
The expanded infrastructure cooperation comes as the Philippines and the EU deepen broader economic ties.
Recently, the two sides reached a substantial agreement on a free-trade agreement after a decade of negotiations, widening the relationship beyond infrastructure to trade and investment.