Saturday, June 15, 2024

United States Government Aid Possible For Luzon Economic Corridor Feasibility Study

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United States Government Aid Possible For Luzon Economic Corridor Feasibility Study

3261

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The United States government could extend its assistance to the Philippines in doing the feasibility study for the Luzon Economic Corridor, officials from both governments said on Tuesday.

On the sidelines of the 6th Indo-Pacific Business Forum in Taguig City, Department of Trade and Industry (DTI) Secretary Alfredo Pascual said the US Trade and Development Agency (USTDA) could provide a grant to the Philippines for the feasibility study of the latest economic corridor under the G7 countries’ Partnership for Global Infrastructure and Investment (PGII).

“They can commission the feasibility study in coordination with us,” Pascual told reporters.

It was echoed by US President Joe Biden’s Deputy Assistant and Senior Adviser for Energy and Investment, Amos Hochstein, during a press briefing.

Hochstein said the USTDA and other multilateral agencies are ready to support the Philippine government whenever necessary.

He added that the feasibility study for the Luzon will be done “piece by piece.”

The Luzon Corridor aims to establish connectivity in economic hubs in Luzon — Subic Bay, Clark, Manila, and Batangas.

Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said the Luzon Economic Corridor will lower the cost of goods and doing business in the country.

Go said better connectivity in the major ports of the country will improve the logistics of products and will bring down operation costs for businesses.

President Marcos’ economic czar also pitched to Indo-Pacific investors at the forum the investment opportunities in the Luzon Economic Corridor, adding that the best time to invest in the Philippines is now. (PNA)