US approves $3.8-M loan for Luzon Economic Corridor amid trade talks

The United States has approved a $3.8-million loan for the Luzon Economic Corridor, which seeks to accelerate coordinated investments in high-impact infrastructure projects, while trade talks are ongoing between the Philippines and the US.

- By ARGYLL CYRUS GEDUCOS

Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go announced this during a press briefing in Malacañan on Monday, May 5, following his recent trip to Washington, DC.

In a press briefing, Go said the loan, which will finance the Subic-Clark-Manila-Batangas Rail, was approved by the US Trade and Development Agency (USTDA), easing concerns raised over the past two months about the project's progress.

"We know that a number of American programs were halted but the Luzon Economic Corridor will push through. That's why we were elated when we received the letter from the USTDA," Go said.

He called the railway "extremely important to industry and trade" and emphasized that its continuation reflects enduring US support despite broader shifts in American foreign assistance.

"This will link the most important ports in our country-the Subic Port, the Manila Port, and the Batangas Port-which together comprise over 80 percent of all port traffic in the Philippines," he said.