President Marcos expects more foreign investments to come in for his administration’s Luzon Economic Corridor project as it benefits from the government's investment promotion program.
President Ferdinand 'Bongbong' Marcos Jr. (Photo from the Presidential Communications Office)
Speaking during an interview in Malacañang with Chang Dae-hwan, the chairman of South Korea’s Maekyung Media Group, the Chief Executive noted that his government’s investment policies have made Clark City an integral part of the Luzon corridor and an attractive investment destination for foreign investors.
He also discussed with Chang the developments in Clark City, which he hailed for being a business destination.
“I expect it to be mostly American companies,” Marcos said of the foreign firms arriving to invest in Clark City.
“They have come in, and I like to think that the reason for that is because we have set up the system that’s attractive for their investment. 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.
Right now, several countries are already investing in the Luzon Economic Corridor project, which will cover several key infrastructure projects focusing on ports, railways, clean energy, and semiconductor supply chain.
These would connect Subic Bay, Clark, Manila, and Batangas, home to the country’s largest ports and economic zones.
The Luzon corridor, which aims to elevate the Philippines’ global status, is reportedly the first project of the United States-initiated Partnership for Global Infrastructure and Investment in the Indo-Pacific region.
It is largely seen as a counter to China’s Belt and Road Initiative and Maritime Silk Road.
In his interview with Chang, Marcos also invited South Korean companies to invest in the country’s economic zones because of the incentives and trade opportunities.
“We have right now economic zones where anyone can participate,” the President said.
“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,” he pointed out.
Since the economic zones have one common tax code and incentive scheme, locator companies won’t have to deal with every single local government unit.
Marcos also added that the special zones have been successful and the government continues to count on their successes.