THE Philippines is set to receive fresh investments in critical sectors as it becomes the beneficiary of a new 'economic corridor' under the Partnership for Global Infrastructure and Investment Initiative (PGII) of the Group of 7 (G7).
Philippine president Ferdinand “Bongbong” Marcos, Jr., US President Joe Biden and Japanese Prime Minister Fumio Kishida during the landmark Philippine-Japan-United States trilateral meeting.
“I’m proud to announce we’re launching an economic corridor in the Philippines as part of the G7’s Partnership for Global Infrastructure and Investment. This is the first corridor in the Indo-Pacific,” Biden said in his opening statement for the trilateral meeting held in the White House in Washington D.C. on Thursday.
The International Development Finance Corporation of the US will establish its first regional office in the Philippines to help set up the corridor. Both countries also committed to provide world-class semiconductor training to Filipino students through American and Japanese universities and to help the Philippines transition to clean energy by providing it capacity-building in developing its civil nuclear energy program.President Ferdinand R. Marcos, Jr. welcomed the meeting, which will pave the way to more trilateral maritime exercises and joint development cooperation among the three participating countries.
“In order to secure peace and prosperity in the Indo-Pacific Region, I hope to reaffirm our intention to further strengthen our trilateral cooperation and to present specific ways forward in today’s meeting,” Kishida said. Biden affirmed that the US defense commitment not only to Japan, but also to the Philippines, remains ironclad.
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