NextGen Day

The European Investment Bank (EIB) and the Department of Trade and Industry (DTI) have talked about collaborating in the Philippines so that the latter can finance important government projects.

The EIB indicated an interest in participating in important projects in the Philippines, notably those related to digital connectivity, public transportation, the green economy, renewable energy, agriculture, and health, according to a statement released by the DTI on Wednesday.

According to the report, during the Philippine team’s three-week business trip to Europe, DTI Secretary Alfredo Pascual met with Kris Peeters, vice president of the EIB, on June 26 in Brussels, Belgium.

“Secretary Pascual highlighted important initiatives, including the continuing renewable energy projects with other government agencies and the EU-Philippines Digital Connectivity Flagship Project. Additionally, he invited the EIB to participate in the Mindanao Agro-Enterprise Development Project, currently overseen by the Asian Development Bank (ADB), the DTI continued.

The European Investment Bank (EIB), owned by EU member states, gives initiatives that promote SMEs, social and economic infrastructure development, and mitigation and adaptation to climate change priority funding.

Especially for the micro, small, and medium-sized enterprises (MSMEs), Secretary Pascual emphasized the DTI’s commitment to achieving a green transition and digitalizing industries. According to the agency, he also emphasized the significance that the EIB would play in bringing these efforts to fruition.

The top trade official of the Philippines met with Valdis Dombrovskis, the vice president and trade commissioner of the European Commission, last Monday during the delegation’s business mission in Belgium. Pascual stressed the significance of the EU’s Generalised Scheme of Preferences Plus (GSP+) renewal for the Philippines and the restarting of the Philippines-EU Free Trade Agreement (FTA) negotiations.

“A PH-EU FTA must be in place before the Philippines finally loses its GSP+ status due to continuous economic growth if we are to preserve solid economic ties with the EU. It is past time for the Philippines and the EU to pick up FTA talks, Pascual added, given the nation’s upward trajectory towards upper-middle income status.

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