“The Luzon Economic Corridor is on track. Many have been asking in the last two months what happened here. We received a letter from the US Trade and Development Agency that the loan for the Subic-Clark-Manila-Batangas Rail has been approved,” Frederick Go, special assistant to the president for investment and economic affairs, said at a press briefing on May 5.
Go said the US trade agency had reportedly increased funding for the Subic-Clark-Manila-Batangas Railway from US$2.5 million to US$3.8 million, which was relayed to the Philippine government on April 28 following the selection of a US consultancy firm.
“This milestone demonstrates that the Philippines-US economic ties are stronger than ever,” Go said, adding that a formal agreement would be signed in the coming days. “This is great positive news.”
Washington has not yet issued a formal statement on the matter.
