May 4, 2024 – The Luzon Economic Corridor project, an ambitious infrastructure initiative in the Philippines, is drawing investments from several countries, according to President Ferdinand R. Marcos Jr.
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| This in an AI generated image and doesn't represent the actual plan of the project. |
In a recent interview with Chang Dae-hwan, chair of South Korea’s Maekyung Media Group, President Marcos highlighted the project’s intensive focus on key infrastructure developments. These include ports, railways, clean energy, and a semiconductor supply chain connecting Subic Bay in Zambales, Clark in Pampanga, Manila, and Batangas.
The ongoing development in Clark City, a vital part of the Luzon Economic Corridor, has become an attractive destination for foreign investments. This is largely due to the establishment of the Clark Freeport and Special Economic Zone.
“I expect it to be mostly American companies,” said President Marcos. “They have come in, and I like to think that the reason for that is because we have set up a system that’s attractive for their investment.”
The President pointed out that the ecozones offer a common tax code and incentive scheme, making it easier for locator companies. These zones are open to all investors looking for special incentives and tax breaks.
“We have right now economic zones where anyone can participate,” Marcos added. “It’s not specifically only for Korea, only for one industry… but it’s open for everyone and what it provides. It provides a place where there are special incentives, special tax breaks specially tariffs on importation, sales tax because they don’t sell into the country.”
The Bases Conversion and Development Authority (BCDA) has pitched the Subic-Clark Railway Project, the expansion of the Clark International Airport, and the Clark National Food Hub to American and Japanese investors under the USD600-billion Partnership for Global Infrastructure and Investment of the G7 countries. These three projects are being endorsed for the proposed Luzon Economic Corridor.
President Marcos expressed optimism about the success of the Philippine special zones and is counting on them to bring more prosperity to the country.
This news comes as a significant development for the Philippines, potentially elevating its global status and paving the way for more foreign investments in the future.