Finance Secretary Ralph Recto said Thursday he expects the Luzon Economic Corridor, a major infrastructure undertaking by the government, to draw in more investments that will boost job creation in the manufacturing and construction sectors.
“The massive transport projects that will be undertaken along the corridor as well as the opportunities for investment in key economic hubs will create high demand for both skilled and unskilled jobs in the construction and manufacturing sectors,” Recto said.
“This will be an engine of growth that will further spread the fruits of inclusive development for Filipinos,” he said.
The corridor is the first Partnership for Global Infrastructure and Investment (PGI) economic corridor in the Indo-Pacific region, following the inaugural Trilateral United States-Japan-Philippines Leaders Meeting.
This will connect Subic Bay in Zambales, Clark in Pampanga, Manila and Batangas, accelerating investments in high-impact infrastructure projects including railways, ports modernization, clean energy, semiconductor supply chains and agribusiness to drive economic growth in each hub.
“This is envisioned to become a prime location for export-manufacturing firms, positioning the Philippines as Asia’s top destination for cutting-edge production and innovation,” Recto said.
The economic corridor is also seen to further support the country’s vibrant labor market, with the unemployment rate continuously declining to 4 percent in April 2024 from 4.5 percent in the same month last year.
The reduction translates to 215,000 fewer unemployed persons in the country compared with the same period in 2023.
