POSSIBLE COLLABORATION. Trade Secretary Alfredo Pascual (left) met with EIB Vice President Kris Peeters in Brussels, Belgium on June 26, 2023. They discussed the potential collaboration in the Philippines, especially for the EIB to finance green transition projects in the Philippines. (Courtesy of the Department of Trade and Industry)
MANILA – The Department of Trade and Industry (DTI) and the European Investment Bank (EIB) have discussed possible collaboration in the Philippines wherein the latter can provide financing to key projects of the government.
In a statement Wednesday, the DTI said EIB expressed its interest to participate in key projects in the Philippines, particularly digital connectivity, public transport, green economy, renewable energy, agriculture, and health.
It said DTI Secretary Alfredo Pascual met on June 26 with EIB vice president Kris Peeters in Brussels, Belgium during the three-week business mission of the Philippine delegation to Europe.
“Secretary Pascual highlighted notable projects such as the EU-Philippine Digital Connectivity Flagship Project and the ongoing renewable energy projects with other government agencies. Further, he extended an invitation to the EIB to participate in the Mindanao Agro-Enterprise Development Project which is currently managed by the Asian Development Bank (ADB),” the DTI added.
The EIB, which is owned by European Union (EU) member states, prioritizes projects related to climate change mitigation and adaptation, social and economic infrastructure development, and support for small and medium enterprises (SMEs).
“Secretary Pascual emphasized the DTI’s commitment to achieving a green transition and digitalization of industries, particularly for the micro, small and medium enterprises (MSMEs). He also highlighted the role that EIB’s participation would play in realizing these initiatives,” the agency added.
During the Philippine delegation’s business mission in Belgium, the country’s top trade official also met with European Commission Vice President and Trade Commissioner Valdis Dombrovskis last Monday, where Pascual underscored the importance of the renewal of the EU’s Generalized Scheme of Preferences Plus (GSP+) for the Philippines as well as the resumption of the Philippines-EU Free Trade Agreement (FTA) negotiations.
“To maintain strong economic relations with the EU, it is important that a PH-EU FTA is in place before the Philippines eventually loses its GSP+ status due to continued economic growth. With the country’s positive trajectory towards reaching upper-middle income status, it is high time for the Philippines and the EU to resume FTA negotiations,” Pascual said. (PNA)
