Marcos claims that foreign investments are drawn to the Luzon Economic Corridor project

Marcos claims that foreign investments are drawn to the Luzon Economic Corridor project
President Ferdinand R. Marcos Jr. (File photo)

According to President Ferdinand R. Marcos Jr., a number of nations are funding the Luzon Economic Corridor project, which has the potential to improve the Philippines' standing internationally.

During an interview on Thursday in Malacañang, Manila, with Chang Dae-hwan, the chair of Maekyung Media Group of South Korea, Marcos stated that the project will heavily concentrate on important infrastructure like ports, railroads, clean energy, and the supply chain for semiconductors that connect Subic Bay in Zambales, Clark in Pampanga, Manila, and Batangas).

He specifically mentioned how the creation of the Clark Freeport and Special Economic Zone has made the continuous development in Clark City, an essential component of the Luzon Economic Corridor, a desirable location for foreign investments.

The speaker brought up the fact that ecozones provide a single tax code and incentive program, and locator companies do not have to coordinate with every local government entity. All investors seeking unique tax breaks and incentives are welcome to apply for ecozones, according to the President.

The government is depending on the Philippine special zones to bring about further success in the nation, President Marcos said, pointing out their achievements.

According to a previous statement from the Bases Conversion and Development Authority, the USD 600 billion Partnership for Global Infrastructure and Investment of the G7 countries is where the Subic-Clark Railway Project, the Clark National Food Hub, and the expansion of Clark International Airport are being presented to American and Japanese investors.

According to BCDA, the three projects are approved for the proposed Luzon Economic Corridor.

News Source: https://www.pna.gov.ph/articles/1224043