Tensions flare as Marcos courts foreign investors for Luzon Corridor

Photo courtesy of the Philippines-Palestine Friendship Association Facebook MANILA, Philippines — Tensions erupted outside a hotel in Bonifacio Global City, Taguig City, on Thursday, where President Ferdinand Marcos Jr. was attending an event. Protesters holding placards and banners staged a protest outside the Grand Hyatt Hotel in Bonifacio Global City, opposing the Luzon Economic Corridor (LEC) Investment Forum. READ: Foreign investors coming to scout Luzon Article continues after this advertisement The two-day event gathered international investors, industry leaders, and project developers to explore investment opportunities within the LEC, which spans Metro Manila, Clark, Subic, and Batangas. Photo courtesy of the Philippines-Palestine Friendship Association Facebook In a statement, the Philippines-Palestine Friendship Association (PPFA) said it “strongly condemns the Marcos Jr. administration for rolling out the red carpet to foreign investors.” “The government presents the corridor as an ‘economic development program’, but its projects will involve land conversion, increased resource extraction, and the expansion of infrastructure for foreign and private investment. It also serves broader U.S. economic and strategic interests in the Philippines,” it read. Photo courtesy of the Philippines-Palestine Friendship Association Facebook Launched in April 2024, the LEC is a trilateral infrastructure partnership among the Philippines, the United States, and Japan. The Subic-Clark-Manila-Batangas corridor is expected to create thousands of jobs, while stronger transport, energy, digital, and manufacturing links aim to boost economic activity and attract investments. Article continues after this advertisement But for the PPFA, ordinary Filipinos will bear “many of the social and environmental costs,” while investors and large corporations stand to gain from the projects. Turn pledges into reality Article continues after this advertisement Meanwhile, in his speech during the forum, Marcos urged investors to turn LEC commitments into funded and operational projects. “The success of the LEC will not be measured by the number of meetings that we hold or projects that we announce,” Marcos said. “It will be measured by what we finance, by what we build, what we place into operation—by the jobs, the enterprises, and the opportunities that we create for our people,” he continued. He also said his administration is improving the movement of people and goods across the Corridor and expanding energy capacity to meet the needs of industries and communities. The government is also developing renewable resources, strengthening the power grid, pursuing reliable energy technologies, and building the digital foundations of a modern economy by expanding secure connectivity and advanced computing infrastructure. “We are strengthening cybersecurity and establishing safeguards for the responsible use of AI. The Philippines already has a strong base of digitally capable workers,” he said. Your subscription could not be saved. Please try again. Your subscription has been successful. “The Philippines has long been a trusted participant in global semiconductor and electronics production. We are now moving further into design, research, engineering, and other high-value activities,” Marcos said. /jpv