Department of Trade and Industry (DTI) Secretary Alfredo Pascual presented three key projects designed to spur growth in the Luzon Economic Corridor at a meeting in Washington, D.C., and urged United States and Japan companies to participate.
The meeting on Thursday was also attended by Secretary Gina Raimondo of the US Department of Commerce, and Minister Ken Saito of the Japanese Ministry of Economy, Trade and Industry.
“The first presentation I made was on our Luzon economic corridor which we are really developing to be the center of manufacturing and logistics in the country,” Pascual said in a video posted by Radio Television Malacañang.
Pascual said the projects are the Subic-Clark-Manila-Batangas railway system, the Clark International Airport expansion, and the Clark National Food Hub.
He said the railway system aims to provide connectivity for goods and people, while the Clark airport expansion includes the construction of a second runway.
The Clark National Food Hub, meanwhile, will bring together agricultural produce in the region for the domestic and export market.
“At my level, talking to my counterparts from Japan and the US, I feel very optimistic that something concrete will come out of this discussion and the summit among our leaders,” Pascual added.
Raimundo and Saito expressed their support for the projects.
The Philippines-US-Japan partnership for the development of the Luzon Economic Corridor to help accelerate investments in critical sectors was unveiled during the trilateral summit of President Ferdinand R. Marcos Jr., US President Joe Biden and Japanese Prime Minister Fumio Kishida at the White House on Friday.
Critical minerals agreement
Aside from investments in Luzon, Pascual also underscored the importance of having a Critical Minerals Agreement (CMA) between the Philippines and the US, or as an alternative for the Philippines to accede to the US-Japan CMA.
He said the proposed agreement will be a good signal and an incentive for the private sector to invest in ore processing in the Philippines.
In his closing remarks, Pascual expressed optimism on future collaborations and urged sustained engagement to realize shared objectives.
He also highlighted the potential impact of proposed projects on economic development and social welfare and called for continued communication and implementation efforts from all sides.
The Trilateral Economic Ministers Meeting lays the groundwork for dynamic cooperation among the three nations, setting a positive trajectory for future engagements and mutual prosperity. (PNA)
