Luzon Economic Corridor project to draw foreign investments

MANILA, Philippines — President Marcos has expressed confidence that the Philippines will do better in luring investments once the Luzon Economic Corridor discussed during his recent visit to Washington is completed.

In an interview with Chang Dae-hwan, chairman of South Korea’s Maeyeong Media Group, Marcos said the Philippines’ economic zones are open to all investors and that the country has implemented an “attractive” system for investments.

Marcos cited the Clark Freeport and Special Economic Zone in Clark City, Pampanga, describing it as an attractive destination for foreign investments.

“I expect it to be mostly American companies... (Investments) have come in, and I like to think that the reason for that is that we have set up (a) system that’s attractive for their investments,” the President told Chang last Thursday.

“And so, we’ll continue to (do) that and will be able to do even better if the Luzon Economic Corridor is completed, and the travel times and the cost of travel of transport will be brought down,” he added.

The corridor is “attracting investments from several countries,” according to Marcos.

“The Philippines can elevate its global status through the corridor,” he said.

During their first ever trilateral summit in Washington last month, the Philippines, the United States and Japan committed to cooperate on the Luzon Economic Corridor, which will support connectivity among Subic Bay, Clark, Manila and Batangas.