The leaders of Japan, the US, and the Philippines have held their first trilateral summit in Washington, and announced the launch of the Luzon Economic Corridor. The project is aimed at improving connectivity and infrastructure in the Philippines.
The economic corridor will help connect four areas on Luzon island -- Subic Bay, Clark, Manila and Batangas.
The three leaders aim to accelerate coordinated investments in infrastructure projects, including railways, modernization of ports, clean energy and semiconductor supply chains.
They say the corridor will be developed under the G7's partnership for Global Infrastructure and Investment. The approach is seen as a move to counter China's Belt and Road Initiative.
US President Joe Biden said that the project means more jobs for people and more investment in sectors such as "clean energy, ports, railroads, agriculture and much more."
Last year, Manila withdrew its plan to seek Chinese funding for three major transportation projects, claiming that Beijing failed to respond to financial requests.
One of those projects was to be a railway to connect Subic Bay and Clark, two areas covered by the new corridor.