Finance Secretary Carlos Dominguez III (left) and EU Delegation to the Philippines Chargé d’Affaires Thomas Wiersing (right) exchange financing agreements for two program grants for Mindanao. Photo courtesy of European External Action Service-Manila
MANILA, Philippines — The European Union and the Philippine government, through the Department of Finance, officially exchanged financing agreements providing for grants totaling 60.5 million euros (around P3.4 billion) for two peace and sustainable development projects in Mindanao.
“The European Union has been a long and staunch development partner of the Philippines. Today, we further strengthen our partnership by adding two more milestones to our development cooperation,” Finance Secretary Carlos Dominguez III said as he and EU Delegation to the Philippines Chargé d’Affaires Thomas Wiersing led the ceremonial exchange of financing agreements on Friday.
“Both programs…are focused on helping Mindanao realize its greatest potential. This support is timely as the effects of COVID-19 pandemic in Metro Manila and other highly-urbanized communities remind us of the urgency of promoting economic growth in areas of the country that have been overlooked and underserved,” Dominguez added.
Under the two agreements, the EU will provide 35.5 million euro (P1.98 billion) for the “Rise Mindanao” project and another 25 million euro (P1.4 billion) for the Support to Bangsamoro Transition (Subatra) program.
Weirsing said the two programs “will support lasting peace and sustainable development in Mindanao until 2025.”
He said the “Rise Mindanao” program will “help regenerate the rural economy by improving social and public small infrastructures” and provide job opportunities for farmers, women, youth, and among the indigenous community.
On the other hand, the Subatra program “will accompany the [Bangsamoro Transition Authority] over the next five years to help consolidate the hard-won peace in Bangsamoro by supporting the new administration, the parliament, and the new judicial system, as well civil society through the transition period and well beyond,” according to the EU official.
“These two agreements reaffirm the commitment of the European Union in contributing to peace and development in Southern Philippines,” Wiersing also said.
“The EU has been a major actor in Mindanao in promoting peace, human security, and development over more than two decades,” he added.