President Marcos Jr. on Monday night made a pitch to European investors for the estimated $161 billion infrastructure projects in the country, some of them offered through public-private partnerships in the fields of renewable energy, waste management, transportation, and disaster mitigation, among others.
The President made the pitch in his speech read by Executive Secretary Lucas Bersamin at the 2024 European-Philippines Business Dialogue and European Investors’ Night in Makati City on Monday.
Luc Veron, European Union (EU) ambassador to the Philippines, for his part said the EU and the Philippines are exploring potential cooperation in the area of sustainable mining and critical raw materials.
Veron said mining and critical materials are crucial for the green and digital economy transition.
He said the Philippines possesses significant resources in this area and wishes to develop its capacity for processing these materials.
Veron said the EU, seeking to diversify its own supply-chains, sees this as a potential area for collaboration.
“The EU is currently exploring potential ways to support the development of the Philippine mining industry, focusing not just on extraction but also on downstream processing within the value chain,” Veron added.
Veron also expressed hope the Philippines will consider full membership to the newly launched EU-US Minerals Security Partnership Forum that aims to connect resource-rich and dependent countries for collaboration on raw materials.
The President reaffirmed his administration’s commitment to foster sustainable and green economies through the Philippines-European Union Free Trade Agreement (PH-EU FTA) that is currently being negotiated.
Marcos said the deal will not only stimulate economic growth, but will also provide a framework to promote sustainable development and environmentally conscious trade practices.
“We look forward to negotiations being finalized by 2027 and to elevating trade and investment flows through a comprehensive agreement that includes advanced provisions for digital trade and intellectual property rights,” he said.
He added that through the FTA, the Philippines also aims to enhance cooperation in renewable energy, smart manufacturing, and digital services.
“European companies have a significant role in supporting our transition to a sustainable economy through investments in clean technologies and innovative solutions. The importance of sustainability cannot be overstated. In alignment with our global partners, we are committed to reducing our carbon footprint, increasing our reliance on renewable energy, and ensuring the sustainability of our industries for future generations,” he said.
The President, meanwhile, said the FTA will help secure the gains achieved through the EU’s Generalized Scheme of Preferences Plus (GSP+), which has already spurred export growth through preferential tariffs.
“The GSP+ arrangement, which will expire in 2027, has significantly benefited our communities, including tuna fishers, banana, cacao, and pineapple farmers, with a utilization rate of 77 percent in 2022,” he noted. – Jocelyn Montemayor & Irma Isip
