The European Union (EU) and the Philippines took a pivotal step in promoting green investments and infrastructure development after sealing the 60-million-euro deal for the Green Economy Program, which is approximately equivalent to PHP 3.6 billion, at the Global Gateway Forum held in Brussels, Belgium.
Based on a report by Rappler, the agreement was part of the ongoing initiatives of the EU aimed at providing essential support to the Philippines in areas such as reducing plastic consumption, ensuring a sustainable water supply, and enhancing energy efficiency.
Key organizations leading the program are the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France, while Spain, Finland, Germany, and France have made substantial financial contributions, underscoring their commitment to this transformative initiative.
Moreover, European member states, including Austria, Netherlands, and Sweden, are set to lend their expertise to strengthen the program’s implementation.
Finance Secretary Benjamin Diokno stated that the grant would play a pivotal role in the country. It aims to support waste reduction, reduce plastic production, promote renewable energy adoption, and enhance energy efficiency.
In addition to this recent collaboration, the EU had previously allocated a grant of 20 million euros to improve the Philippines’ internet infrastructure, specifically for connectivity projects.
Furthermore, the EU is actively exploring the possibility of a free trade agreement. They are also keen to collaborate on projects that aim to advance the Philippine mining industry and ensure a stable global supply of essential raw materials.