Government pitches 15 more projects for Luzon economic corridor

MANILA, Philippines — The government has proposed 15 additional projects for the US and Japan to consider supporting in the development of the Luzon economic corridor, the government’s economic czar said.

Special Assistant to the President for Investment and Economic Affairs Frederick Go told reporters on the sidelines of the Franchise Asia Philippines 2024 International Franchise Conference yesterday that the government presented 15 additional projects for the US and Japan to consider supporting.

The additional projects were presented during the second steering committee meeting for the Luzon economic corridor last week.

He said the additional projects were identified by the Subic Bay Metropolitan Authority, the Department of Energy and the Department of Public Works and Highways.

The additional projects bring the total number of proposed projects to 43.

Go said the government presented 28 projects during the first steering committee meeting last May, with the projects proposed by the Bases Conversion and Development Authority, National Economic and Development Authority and the Department of Transportation.

“The idea now is they’ve seen all of it, they’re gonna narrow it down. I really think at the end of the day, the ideal number should be around five or six,” he said.

“When you have a narrow set of choices, then you can really focus and really move faster,” he added.

He said the shorter list is likely to include infrastructure and energy projects.

The next steering committee meeting for the Luzon economic corridor will be held in November.

The development of the Luzon economic corridor is an initiative being undertaken with the support of the US and Japan. It is an outcome of the Trilateral Leaders’ Summit of the three countries held last April.

It is also part of the Group of Seven or G7’s Partnership for Global Infrastructure and Investment initiative to promote investments in sustainable, inclusive, resilient, and quality infrastructure.

In the same event, Go said franchising has been helping drive the development of micro, small, and medium enterprises, which account for nearly all businesses registered in the country.

He said franchising has helped strengthen the economy and that the Department of Trade and Industry and its foreign trade desks in embassies are helping promote Filipino franchises.

Aside from promoting franchising, he said the government is pursuing upskilling and reskilling opportunities to train the workforce in artificial intelligence and cybersecurity.

“We are looking at how we can create a niche for ourselves in the global market for cybersecurity. As you all know, we are already a leader in the BPO (business process outsourcing) industry, being the second largest country in the world servicing the BPO sector. So we’re looking at what the next opportunity may be. We think it is in cybersecurity,” he said.