PH, EU ink €60-million financing pact for ‘green economy’

FILE PHOTO: Smog thickly veils the Ortigas Center skyline as seen from Circumferential Road No. 5 on September 22, 2023. Officials attribute the phenomenon to Metro Manila’s air pollution. Air quality in the capital has been recorded at varying critical levels. INQUIRER file photo / LYN RILLON

MANILA, Philippines — A 60-million euro financing agreement for the Green Economy Program has been sealed between the Philippines and the European Union (EU).

The pact, which seeks to aid the Philippines in its path toward a “green economy,” was signed on Wednesday, October 25, at the Global Gateway Forum in Brussels.

Finance Secretary Benjamin Diokno stood as the representative of the Philippines and signed the agreement with the European Commissioner for International Partnerships Jutta Urpelainen.

Diokno said the Philippines is grateful for the EU’s generosity and support to the country’s climate change agenda.

Based on the October 26, 2023 exchange rate published on the website of the Bangko Sentral ng Pilipinas, 60 million euros amount to P360,363,000.00 at the prevailing P60.0605 to 1 euro.

Earlier this year, President Ferdinand Marcos Jr. and European Commission President Usrula von der Leyen launched the “Team Europe Initiative” on the Green Economy under Global Gateway.

Source: https://newsinfo.inquirer.net/1851283/ph-eu-ink-e60-million-financing-pact-for-green-economy