European nation to join Luzon Economic Corridor, says Finance Secretary

Finance Secretary Frederick Go on Friday said another European nation is joining the Luzon Economic Corridor (LEC) initiative.

Launched in April 2024 by the Philippines, US, and Japan, the LEC is a trilateral initiative under the G7 Partnership for Global Infrastructure and Investment aimed at enhancing connectivity between Subic Bay, Clark, Manila, and Batangas.

Since its launch two years ago, the Finance chief said the LEC initiative has already attracted eight more partner-countries, “namely, Australia, Canada, Denmark, France, Italy, Korea, Sweden, and the UK.”

It seeks to mobilize strategic investments and accelerate coordinated development of high-impact infrastructure projects, including rail, ports modernization, clean energy and semiconductor supply chains, agribusiness, and civilian port upgrades across the region.

“One more European country is set to become the newest addition to the LEC,” Go said at the Economic Journalists Association of the Philippines (EJAP) Economic Forum in Manila.

The controversial Pax Silica initiative is envisioned to be an AI-focused investment hub within the LEC.

Pax Silica is the US Department of State's flagship initiative on artificial intelligence and supply chain security, aimed at advancing a new economic security framework among allies and trusted partners.

The Philippines in April officially joined the Pax Silica initiative, cementing its place among other 23 global signatories, including the European Union, Japan, India, Singapore, South Korea, and the United Kingdom

As part of the Pax Silica, Manila and Washington are working to establish a 4,000-acre industrial hub in New Clark City, Tarlac. –NB, GMA News