Trade Secretary Fred Pascual embarked on a crucial European roadshow to promote environment-related projects in the Philippines to officials of the European Investment Bank (EIB) in Brussels.
The meeting, held on June 26, 2023, aimed to generate interest among European investors who had previously expressed concerns over human rights issues during the previous administration.
Pascual presented a range of capital-intensive infrastructure projects led by the Marcos Jr. administration, focusing on digital connectivity, public transport, green economy, renewable energy, agriculture, and health sectors.
During the meeting, Pascual highlighted the existing EU-Philippine Digital Connectivity Flagship Project partnership and urged the EIB to consider participating in the ongoing Mindanao Agro-Enterprise Development Project, which is currently supported by the Asian Development Bank.
He emphasized the alignment between the EIB’s interest in green and sustainable initiatives and the Philippines’ goals of transitioning to a more environmentally conscious economy. Pascual emphasized the invaluable role that the EIB could play in supporting digitization efforts across various industries and fostering the development of sustainable and eco-friendly ventures.
The EIB, recognized as the largest multilateral financial institution globally and a leading provider of climate finance, has been involved in 10 significant projects in the Philippines.
However, its last project in the country dates back to 2007 when it granted a 50-million-euro water and sewerage loan to Manila Water Company Inc.