EU, Spain join Luzon Economic Corridor, eye investments in PH

The European Union (EU) and Spain, the newest partners in the Luzon Economic Corridor (LEC), are looking to expand investments in the Philippines, with potential projects in renewable energy, digital connectivity, railways, aviation, and shipbuilding.

According to the Department of Finance (DOF), the EU is aligning €60 million in Global Gateway investments and €20 million under its Digital Economy Package with LEC priorities, including green and circular development, renewable energy, digital connectivity, and skills development.

Spain, meanwhile, is expected to bring public- and private-sector expertise to support potential LEC projects in railways, modular infrastructure, aviation, shipbuilding, air navigation management, and renewable energy connectivity.

“We are very pleased to welcome the European Union and Spain to the partnership. Their participation brings additional expertise, technology, capital, and global business networks that can help accelerate investments and develop the infrastructure to support the Philippines’ growth,” DOF Secretary Frederick Go said in a statement.

“This is a strong vote of confidence in the Philippines and in the opportunities that our economy offers,” he added.

The LEC was originally launched with three members—the Philippines, the United States, and Japan. The partnership was announced during the Trilateral Leaders’ Summit in Washington in April 2024.

The partnership now also includes Australia, Canada, Denmark, France, Italy, South Korea, Sweden, and the United Kingdom.

“The LEC is about building projects that generate jobs, strengthen our industries, and create lasting economic value for the Philippines,” Go said. — VBL, GMA News