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the P51-billion Subic railway, but it was scrapped amid political tensions between the Philippines and Beijing.Hochstein explained that economic corridor projects of the US involve coordinated investments in high-impact infrastructure projects, as well as incentives for the private sector. “The role of government is not to make the investment, that’s not what we wanna do. You have to look at how you spend government dollars in the most efficient way possible to spur growth in investment in sectors we believe are the most attractive,” he added.
President Ferdinand Marcos Jr. hopes the deal will “restore the glory days of shipbuilding” in the country. Go said the area will be the “largest single dry dock space in the world.” Meanwhile, Hochstein declined to give specific figures, but noted that other multilateral agencies can support studies on a “piece by piece” basis.