DTI Secretary Fred Pascual met with EIB Vice President Kris Peeters to discuss potential investments in green projects

BRUSSELS, BELGIUM–On 26 June 2023, the Philippine delegation led by Department of Trade and Industry (DTI) Secretary Fred Pascual met with European Investment Bank (EIB) Vice President Kris Peeters at the EIB representation office in Brussels. During the meeting, the EIB expressed a strong interest in participating in several key projects of the Philippines, including digital connectivity, public transport, green economy, renewable energy, agriculture, and health sectors.

As the largest multilateral financial institution globally, owned by EU member states, 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 (SMEs) at the local level.

In the said meeting, Secretary Pascual highlighted notable projects such as the EU-Philippine Digital Connectivity Flagship Project and the ongoing Renewable Energy Projects with other government agencies. Further, he extended an invitation to the EIB to participate in the Mindanao Agro-Enterprise Development Project which is currently managed by the Asian Development Bank (ADB). The DTI Chief also discussed potential projects aligned with the Philippines’ transition into a green and sustainable economy, which he believed would be of interest to the EIB.

Alongside this, Secretary Pascual emphasized the DTI’s commitment to achieving a green transition and digitalization of industries, particularly for the micro, small, and medium enterprises (MSMEs). He also highlighted the role that EIB’s participation would play in realizing these initiatives. Secretary Pascual further expressed that through their renewed interest in engaging with the country, EIB could collaborate with the Philippine government to develop sustainable and environmental-friendly projects.

Also present in the meeting are Ms. Isabel Fernandez Sarabia, Senior Institutional Policy Officer for EIB; DTI Undersecretary for Communications Ma. Blanca Kim B. Lokin; DTI Assistant Secretary Allan B. Gepty; Commercial Counselor and Director of the Philippines Trade and Investment Center-Brussels Magnolia M. Ashley; EIB officials, and other members of the Philippine delegation.*

Date of release: 28 June 2023