PGMA set to go round LUB after Cyber Corridor visits
Manila (8 February) -- President Gloria Macapagal-Arroyo will embark on a tour of provinces this week encompassing the Luzon Urban Beltway (LUB) that makes up one of the country's five growth areas assigned with individual development themes but collectively called "Super Regions."
The project visits come on the heels of last week's swing of the "Cyber Corridor" for information and communications technology that also forms part of the Super Regions. In these visits, the President reported to the people that the country's ICT has grown by leaps and bounds, noting that our business process outsourcing (BPO) has effectively challenged India's supremacy.
From only $24 million in 2000, the local BPO revenue has ballooned to $7.3 billion last year, to come closer to India's $9 billion.
Government economic planners said the LUB, is strategically situated in the heartland of the Asia-Pacific region, making it ideal for foreign and local investments in industries and services. Consequently, the LUB accounts for 55.86 percent of the Philippine economy.
The LUB's cutting edge comes from its wealth of economic resources, notably the key free port zones of Subic and Clark; its financial, business and commercial centers in Metro Manila; information technology (IT) parks; and a growing list of industrial and export processing zones.
By harnessing LUB's growth potentials, the government intends to transform these areas into globally competitive industrial and services hubs comparable to those of Singapore and Hong Kong.
With a global market value estimated at $3.5 trillion, experts consider the logistics sector as a "major world economic driver." They also expect this logistics market to grow by 3 percent to 10 percent over the next 10 to 15 years.
The current trend for manufacturing and movement of goods headed for the Asia-Pacific puts the Philippines in an ideal situation to capture a larger part of the global logistics. Hence, the country stands to substantially gain from the full realization of the sectors in the medium and long-term growth prospects.
President Arroyo's academic background as an economist served the country in good stead. Her administration's vision to transform the LUB into a globally competitive logistics and services hub, through government-private sector partnership has been anchored on solid foundations, specifically construction of infrastructures in maritime, aviation and land transport; development of a highly skilled workforce; and promotion of an environment conducive to business growth. (PIA-MMIO) [top]