EU, Spain Join Luzon Economic Corridor, Eyeing Expanded Investments in PH

The European Union (EU) and Spain have joined the Luzon Economic Corridor (LEC) as new partners, signaling their intent to expand investments in the Philippines. According to the Department of Finance (DOF), the EU is aligning €60 million in Global Gateway investments and €20 million under its Digital Economy Package with LEC priorities. These include green and circular development, renewable energy, digital connectivity, and skills development. Spain, meanwhile, is expected to contribute public- and private-sector expertise to support potential LEC projects in areas such as railways, modular infrastructure, aviation, shipbuilding, air navigation management, and renewable energy connectivity. "We are very pleased to welcome the European Union and Spain to the partnership. Their participation brings additional expertise, technology, capital, and global business networks that can help accelerate investments and develop the infrastructure to support the Philippines’ growth," said DOF Secretary Frederick Go. He added, "This is a strong vote of confidence in the Philippines and in the opportunities that our economy offers." The LEC was initially launched with three members: the Philippines, the United States, and Japan. The partnership was announced during the Trilateral Leaders’ Summit in Washington in April 2024. The partnership now also includes Australia, Canada, Denmark, France, Italy, South Korea, Sweden, and the United Kingdom. "The LEC is about building projects that generate jobs, strengthen our industries, and create lasting economic value for the Philippines," Go stated. Source: GMA Money Philippines