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Manila Bulletin devider Business devider Trade & Industry devider DTI to offer over $5-B Luzon Economic Corridor projects to Indo-Pacific investors

DTI to offer over $5-B Luzon Economic Corridor projects to Indo-Pacific investors

Published Apr 21, 2024 01:55 pm

The Department of Trade and Industry (DTI) is set to showcase the planned Luzon Economic Corridor projects, estimated over $5 billion worth, among other initiatives as opportunities for foreign investors in the upcoming Indo-Pacific forum. 

Specifically, the agency is hoping to garner foreign investments in the Indo-Pacific Investor Forum in Singapore to be held in June 6.

"In our bilateral meeting with Commerce Secretary Gina Raimondo, [she's] urging us to be ready with our proposed projects, should we go there. They're going to invite investors and fund managers to Singapore, and we expect 100 visitors," said DTI Secretary Alfredo E. Pascual in a media briefing on April 19.

The project proposals being offered have combined investments cost of $5.03 billion. These are included in the Emerging Luzon Economic Corridors initiative, namely the $152 million Clark National Food Hub joint venture with DTI; $229 million Clark International Airport Development of the Bases Conversion and Development Authority (BCDA) and the Luzon International Premiere Airport Development Corp. (LIPAD); as well as the $3.17 billion Subic-Clark-Batangas Railway System of the BCDA and DOTr.

Other projects include the $1.1 billion Dalton Pass East Alignment Project of the Department of Public Works and Highways (DPWH), $371 million Central Luzon Bus Rapid Transit, and $5.12 million Mapalla Ferry System (Pasig River Ferry System Project), both helmed by the Department of Transportation (DOTr).

Aside from the Singapore event, an Indo-Pacific Business Forum will also be held in May 21 in Manila at the Shangri-La Hotel in Bonifacio Global City (BGC), Taguig City.

"We are stimulating the participation of Philippine companies so that we can appeal to investors," said Pascual.

Both forums are sponsored by the United States aligned with its Indo-Pacific Economic Framework (IPEF), aimed at strengthening its economic ties in the Indo-Pacific region, including expansion of overseas supply chains.

 

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