Philippines, US to build 'economic security zone' in Luzon

MANILA, April 20 ------ The Philippines and the United States are planning to build a 4,000-acre economic security zone in Luzon.

In a statement, the US State Department said the industrial hub would produce items important to US supply chains. "The Philippines holds significant reserves of nickel, copper, chromite, and cobalt—minerals increasingly vital to global supply chains," the State Department noted.

The agency said this would give the US access to the Philippine workforce and its strategic position at the crossroads of Indo-Pacific trade. The economic security zone will be located in the Luzon Economic Corridor. In January, most of the Philippines' exports went to the United States--about $1.16 billion in goods went to the US during the period. The US was also the Philippines fifth biggest source of imports during the period.

Source: news.abs-cbn.com