The Philippines has so far secured 150 million euros (about P8.44 billion) in grants from the European Union (EU), according to the Department of Finance (DoF).

BILLION-DOLLAR GRANTS Finance Secretary Carlos Dominguez 3rd (left) and European Union Chargé d’ affaires ad interim Thomas Wiersing pose for a photo after exchanging the signed financing agreements for the 35.5-million-euro (P2 billion) grant for the Mindanao Peace and Development Program and the 25-million-euro (P1.4 billion) grant for the Support to Bangsamoro Transition Program at the Department of Finance building on Roxas Boulevard in Manila on July 17, 2020. DOF PHOTO

“For the European Union, in total terms, we have ongoing grants in the amount of 150 million euros,” Finance Undersecretary Mark Dennis Joven announced in a briefing on Friday.

Another 20 to 30 million euros worth of grants are in the EU-Philippine pipeline, he added.
These are on top of the recently signed financial agreements between the Philippine government and EU that will be used for the government’s peace and infrastructure efforts in Mindanao.

The agreements include the 35.5 million-euro (about P2 billion) grant for the Mindanao Peace and Development Program-Rise Mindanao (MINPAD-Rise Mindanao), which Finance Secretary Carlos Dominguez 3rd said “is designed to unlock the productive capacities of Mindanao’s agriculture sector and expand economic opportunities for its farmers and small entrepreneurs.”

Meanwhile, the 25-million-euro (about P1.40 billion) Support to Bangsamoro Transition Program “will bolster the institutions of the Bangsamoro government” by helping finance capacity building of all three branches of the autonomous government, as well as the civil society organizations in the region,” he added.

Dominguez and EU Chargé d’ Affaires ad interim Thomas Wiersing exchanged the signed agreements in ceremonies at the DoF office in Manila on Friday.

“This support is timely, as the effects of the Covid-19 (coronavirus disease 2019) pandemic in Metro Manila and other highly urban communities remind us of the urgency of promoting economic growth in areas of the country that have been overlooked and underserved for far too long,” the Finance chief said.

He thanked the EU for its continued support of the Philippines’ efforts to achieve inclusive regional growth.

Wiersing said the EU had been a key actor in Mindanao, working with the Philippine and civil society organizations in promoting peace, human security and development, including in the most vulnerable and conflict-affected communities for over 25 years.

On the current pandemic, the official underscored that the EU stands ready to assist the Philippine government in its fight against Covid-19 by reorienting some of the funds in the recently signed financial agreements to addressing the short- to medium-term consequences of the pandemic.

“Subject to further discussions with the government, we estimate that in total up to 15 million euro could be reoriented to address the impact of Covid-19 in the Philippines,” Wiersing said.

Reorientation could be toward mitigation of the impact of pandemic to health, social and economic recovery, he added.