Marcos, European Cmm’n. leader show up at P28 billion economic deal signing
President Ferdinand “Bongbong” Marcos welcomes European Commission President Ursula von der Leyen on Monday, July 31, 2023. Von der Leyen will be in the Philippines for a two-day visit to discuss areas of trade, digital transition, and other topics with government and business leaders. (Photo from Ali Vicoy/Pool)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. and European Commission (EC) president Ursula von der Leyen witnessed the signing of an agreement that will facilitate a program called ‘Team Europe Initiative on Green Economy.’
This undertaking amounts to P28.12 billion.
In a post on Monday on EC’s website, the commission said the investment is aimed at aiding Philippines in reaching economic progress.
This is by promoting activities that promote sustainability, and the transition to a circular economy.
Circular economy operates by sharing, reusing and repairing products so that the items may be recycled for as long as possible.
Article continues after this advertisementThe enterprise also backs the use of green energy.
Article continues after this advertisement“Global Gateway, the EU’s investment strategy for the world, will support the Philippines on its path to a sustainable future,” von der Leyen said.
“We will invest in the transition to a circular economy and the generation of green energy,” she said.
“And we will also provide expertise, training and tech transfers, because this is the way to empower local communities, and that is what the EU cares about,” she noted.
Department of Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga represented Philippines in sealing the deal while European Union (EU) Ambassador to the Philippines Luc Veron signed on behalf of the commission.
Team Europe includes EC and European Union (EU) member-states of France, Spain, Germany and Finland.
Austria, Netherlands, and Sweden will contribute by providing expertise and technology transfer.
Earlier, Marcos led the arrival honors for von der Leyen.
The EC President will be in the Philippines for a two-day visit.
She will speak at high-level business conferences.
She will also hold meetings with Senate President Juan Miguel Zubiri and House Speaker Ferdinand Martin Romualdez.
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