The Department of Trade and Industry (DTI) presented three major infrastructure projects aimed at boosting growth within the Luzon Economic Corridor during the inaugural Trilateral Economic Ministers Meeting among the Philippines, the United States and Japan in Washington D.C. on April 11, 2024.
DTI Secretary Alfredo Pascual said the infrastructure initiatives focus on connecting the up-and-coming areas of Subic and Clark, former US military bases, with the well-established manufacturing hub of Cavite-Laguna-Batangas (CALABARZON).
The three projects include the Subic-Clark-Manila-Batangas Railway system, the Clark International Airport Development and Expansion initiative and the Clark National Food Hub. Both Secretary Gina Raimondo of the US Department of Commerce and Minister Ken Saito of the Japanese Ministry of Economy, Trade and Industry (METI) voiced their support for bringing these projects to fruition.
Pascual also cited the need for a critical minerals agreement (CMA) between the Philippines and the United States. Alternatively, the Philippines could consider acceding to the existing US-Japan CMA, creating a trilateral agreement.
The proposed deals would incentivize private sector investments in Philippine ore processing facilities, he said. The Philippines’ critical minerals, particularly nickel, cobalt and copper, are in high demand by the US, Japan and the global market.
Pascual noted the three countries’ deep friendship, strong economic ties and collective commitment to democratic values, noting that their task as trade ministers should spur actionable details into their leaders’ joint vision statement.
“A robust Philippine economy equates to a strong alliance,” he said.
The joint vision statement identified the areas of cooperation to include infrastructure and industrial cooperation projects.
Pascual urged all parties to remain engaged to achieve their shared goals. He highlighted the potential of the proposed projects to drive economic development and improve social welfare, emphasizing the importance of continued communication and collaborative efforts to ensure their successful implementation.
Joined by US Department of Commerce secretary Gina Raimondo and Japan’s Ministry of Economy, Trade and Industry (METI) minister Ken Saito, the Trilateral Economic Ministers Meeting lays the groundwork for dynamic cooperation among the three nations, setting a positive trajectory for future engagements and mutual prosperity.