The Philippines and the United States (US) are moving to accelerate the implementation and development of the Luzon Economic Corridor (LEC).
Finance Secretary Frederick Go, who also serves as the country’s investment czar, recently met with US Ambassador to Lao People’s Democratic Republic Heather Variava to advance coordination on the implementation of the LEC.
Variava was recently designated as advisor to the Assistant Secretary of State for Economic, Energy and Business Affairs on the LEC.
Go, head of the Philippines in the LEC Steering Committee, welcomed Variava’s designation, noting that it reflects the US’ continued commitment to the initiative.
Variava previously served as chargé d’affaires and deputy chief of mission at the US embassy in Manila.
During the meeting, Go and Variava discussed the upcoming LEC Steering Committee Meeting scheduled next month and the Investors Forum slated for the second half of the year.
Both events support efforts to accelerate priority investments under the LEC.
The upcoming LEC Steering Committee Meeting will convene high-level delegations from the Philippines, the US and Japan to reflect the continued coordination on the initiative.
During this event, there will be a series of meetings with Philippine counterparts, as well as site visits to priority project areas across LEC.
It is expected to accelerate the implementation of priority investments, particularly in infrastructure, energy, logistics and industrial development.
Meanwhile, the Investors Forum is expected to mobilize global capital and link international investors with strategic opportunities in the Philippines.
It is also expected to strengthen the pipeline of bankable projects and strengthen investor confidence in the LEC.
Variava reaffirmed the US’ commitment to sustaining momentum and delivering results through the LEC.
For his part, Go welcomed the continued engagement of partners for the LEC.
‘The LEC continues to gain strong traction, with increasing support from like-minded partners and the private sector,’ he said.
‘We are encouraged by this growing momentum and remain committed to advancing concrete initiatives that will strengthen connectivity, attract high-quality investments and create jobs across the region,’ he said further.
Last year, the US stepped up support for LEC through a $3.8 million technical assistance grant from the US Trade and Development Agency for the Subic-Clark-Manila-Batangas Railway, the LEC’s flagship project.
In the same year, the US also announced a $15 million allocation to catalyze private sector development in the LEC.
Launched in April 2024 by the Philippines, US and Japan, the LEC is an initiative under the G7 Partnership for Global Infrastructure and Investment. It is aimed at enhancing connectivity between Subic Bay, Clark, Manila and Batangas, as well as mobilizing strategic investments and accelerating the development of high-impact infrastructure projects.