[Joint Statement] The Philippines and EU hold Fourth Meeting of the Sub-Committee on Development Cooperation

  • Post category:News

25.11.2024

Intramuros, Manila, Philippines

The Philippines and the European Union (EU) convened the Fourth Meeting of the Sub-Committee on Development Cooperation in Manila, Philippines on November 25, 2024, wherein both sides reaffirmed their shared interests and values under the EU-Philippines Partnership and Cooperation Agreement.

The Sub-Committee Meeting was co-chaired by the Undersecretary of the Department of Finance (DOF) International Finance Group (IFG), Joven Z. Balbosa; and the Head of Unit South and South-East Asia from the European Commission’s DG International Partnerships (DG INTPA), Mario Ronconi. EU Ambassador to the Philippines, His Excellency Massimo Santoro, also joined the meeting.

Apart from the DOF, the Philippine Government was represented by officials from the Department of Foreign Affairs, National Economic and Development Authority; Mindanao Development Authority; Office of the Presidential Adviser on the Peace Process, Reconciliation and Unity; Ministry of Agriculture, Fisheries, and Agrarian Reform of the Bangsamoro Autonomous Region in Muslim Mindanao (MAFAR-BARMM); Bangsamoro Planning and Development Authority of the BARMM (BPDA-BARMM); Court of Appeals, Commission on Human Rights; Department of Energy; Department of Environment and Natural Resources; Department of Energy; Department of Science and Technology; Philippine Space Agency; Department of Transportation; and the Bureau of the Treasury.

The Philippines showcased its strategic priorities and commitment to development, highlighting the country’s economic performance and growth outlook. The EU, in turn, provided updates on the overall policy framework following the mid-term review of the EU’s Multiannual Financial Framework for 2021-2027. Both parties reaffirmed that the green economy, digital transformation, peace, and good governance remain key priority areas for cooperation and fully significant for the period 2025-2027.

The Sub-Committee conducted a comprehensive review of key ongoing cooperation programs, focusing on two primary areas: (1) the Mindanao peace process and good governance, and (2) the green and digital economy. Both parties confirmed their mutual commitment to the continued and strengthened implementation of the EU’s development programmes in line with the priorities of the Philippine Government.
Both parties also underscored the relevance of the EU’s long-term support for the peace process and the socio-economic development of the BARMM and Mindanao at large, as well as the crucial role of civil society in the implementation of these programmes. In addition, particular attention was placed on the active development of Global Gateway investment projects, for both Government-to-Government operations and at the private sector level.

Ongoing investment operations on Disaster Risk Reduction and Water/Waste facilities were also reviewed. Possible new investments in the green economy were mentioned as a priority area for prospective loan financing with EU grants (blended finance) and guarantees. To this end, the role of the European Investment Bank (EIB) and other European Development Finance Institutions (EDFIs) will be crucial, as well as the potential cooperation with multilateral banks, such as the Asian Development Bank (ADB).

The meeting also covered possible future cooperation on sustainable use of critical raw materials and green finance. The Sub-Committee likewise recognized the relevance of regional cooperation, in particular in the framework of the EU-ASEAN Sustainable Connectivity Package, including support to seafarers’ action, and Team Europe Initiative programmes.

On the sidelines of the Fourth Meeting of the Sub-Committee on Development Cooperation, Ambassador Santoro and Undersecretary Balbosa held discussions on a proposed partnership between the Philippine Government and its European development partners such as the Agence Francaise de Développement, KfW Development Bank, and EIB, through co-financing or parallel financing of green, energy, and connectivity initiatives under the Team Europe initiative. In addition, the DOF and the EU Delegation recognized the potential role of the private sector engagement in contributing to the Philippines’ development objectives.