EU plans to double aid to PH

MANILA, Philippines – The European Union (EU) intends to double its development assistance to the country to 325 million Euros over the next six years amid the Philippines’ strong economic growth and credit rating upgrades.

“We’ve had a strong relationship when it comes to cooperation of development and we will more than double our bilateral assistance up to 325 million Euros for the next six years,” Baroness Catherine Ashton, the EU High Representative for Foreign Affairs and Security Policy said in a press conference Tuesday.

“We have 7.5 billion Euros [in investment] which represent 30 percent of all foreign investment and which generate more than 400,000 jobs,” she said.

The EU is the Philippines’ third largest trading partner with around 11 billion Euros worth of trade in 2013, Ashton, who also serves as Vice President of European Commission, said.

“The good news is those figures are growing year onto year and we intend to ensure that continues,” she said.

Foreign Affairs Secretary Albert del Rosario discussed bilateral ties with Ashton and noted that EU is the biggest investor in the Philippines.

“EU is the Philippines largest source of foreign direct investment amounting to $10.2 billion or one-third of our total investment stock,” del Rosario said during the press conference.

“We agreed to further boost our economic relations noting that now is best time for EU businesses to invest in the Philippines in view of our relatively high growth rate, upgrades from credit ratings agencies and the good governance policies of the president,” he said.

Del Rosario also thanked the EU for the six month extension it gave for Philippine maritime authorities to institute reforms allowing continued employment for the more than 83,000 Filipino seafarers aboard EU Flag vessels.

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TAGS: European Union, euros, Features, Global Nation