Trade Secretary Alfredo Pascual asked for increased support from the European Investments Bank on funding environmental and sustainable projects in the Philippines.
Pascual, who led Philippine trade delegation to Europe, said EIB is interested to finance a number of the government’s flagship and key projects such as the Mindanao Agro Enterprise Development Project.
“The Philippines offers vast opportunities in sustainable manufacturing, services, and connectivity. Key sectors such as electric vehicles, battery manufacturing, mineral processing, electronics, and semiconductors align with new industrial technologies and renewable energy,” Pascual said.
“With a strong presence in the IT-BPM space, the Philippines serves global markets with vertical-focused solutions. The country’s supportive environment enables multinational companies from Europe and elsewhere in the world to operate effectively and efficiently,” he said.
Other areas of interest for the EIB include digital connectivity, public transport, green economy, renewable energy, agriculture, and health sectors.
As the largest multilateral financial institution in the EU, the EIB aims to promote job creation, economic growth, and development in Europe.
It prioritizes projects related to climate change mitigation and adaptation, social and economic infrastructure development, and support for small and medium enterprises at the local level.
Pascual said that green and sustainable economy would be of interest to the EIB.
He said the Department of Trade and Industry is committed to achieving a green transition and digitalization of industries, particularly for the micro, small, and medium enterprises.
Pascual said EIB’s participation would play in realizing these initiatives.
He said EIB could collaborate with the Philippine government to develop sustainable and environmental-friendly projects.
“The shift to green energy presents not only an environmental imperative but also a remarkable economic opportunity. We recognize the EU’s successful implementation of renewable energy policies, which will be instructive in accelerating our own energy transition in the Philippines,” Pascual said.
In December 2021, the EU approved its Multiannual Indicative Programme for the Philippines for 2021 to 2027.
The program allocates €147 million to fund projects in two main areas of intervention – resilient green economy and green jobs, and peaceful and just society and good governance.
Total exports to the EU reached €7.7 billion in 2021, of which €2.7 billion eligible for GSP+.
Utilizing GSP+ preferences for €2 billion exports, the Philippines achieved a 76 percent utilization rate, marking an all-time high and a 12-percentage-point increase from 2015.