MANILA, Philippines — The proposed development of the Greater Manila Bay Area similar to China’s Guangdong-Hong Kong-Macao Greater Bay Area can take place while the development of the Luzon economic corridor is underway, but the idea will need further study, according to the country’s economic czar.
Special Assistant to the President for Investment and Economic Affairs Frederick Go told reporters that the proposal to develop the Greater Manila Bay Area and the development of the Luzon economic corridor can coexist.
“If you look at the Luzon economic corridor and the rail that’s being considered, it traverses exactly that corridor, right? It traverses our Manila Bay area. So the development or the concept of a Greater Manila Bay Area, I think we have to find the right terminology for it. I think it’s an idea. It’s something that can be looked at a little deeper,” he said.
At last month’s Manila Forum for Philippines-China Relations, Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. president Cecilio Pedro said China Ambassador Huang Xilian proposed to Filipino-Chinese businessmen the development of the Greater Manila Bay Area inspired by the success of China’s Guangdong-Hong Kong-Macao Greater Bay Area.
The Greater Manila Bay Area is seen as a prime location for economic development and attracting investments.
The Guangdong-Hong Kong-Macao Greater Bay Area is composed of Hong Kong, Macao and nine cities in the Guangdong province such as Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.
It is being developed to deepen cooperation among Guangdong, Hong Kong and Macao, fully leverage the advantages of the three places, facilitate in-depth integration within the region and promote coordinated regional economic development for an international first-class bay area ideal for living, working and traveling.
With a $1.98-trillion gross domestic product, the Guangdong-Hong Kong-Macao Greater Bay Area is one of the fastest-growing regions in China, surpassing the economies of South Korea and other nations.
The development of the Luzon economic corridor, meanwhile, is being undertaken by the Philippines with support from the US and Japan following the Trilateral Leaders’ Summit of the three countries’ last April.
The Luzon economic corridor is also part of the Partnership for Global Infrastructure and Investment, an initiative of the Group of Seven or G7 to promote investments in sustainable, inclusive, resilient and quality infrastructure.
Projects identified by the government to support the development of the Luzon economic corridor include the Subic-Clark-Manila-Batangas Railway System, the Clark International Airport expansion and the Clark National Food Hub.
As the proposed development of the Greater Manila Bay Area is still at a very early stage, Go said the government will welcome support in funding the study for such.
He said huge projects require funding for a study and a master plan before the actual implementation.
Despite tensions in the West Philippine Sea, he also said the Philippines’ trade relations with China remain strong.
“In our role of welcoming investors into our country, we welcome investments or investors from anywhere in the world. As long as they’re in legitimate businesses, they put in real capital, provide jobs to Filipinos and help our economy turn and run, we welcome all such investments,” Go said.