Hungary offers PH $510-M loans for water management

Agriculture Secretary Emmanuel Piñol. INQUIRER FILE PHOTO / NINO JESUS ORBETA

The government pressed its investment promotion campaign in Europe with Philippine officials pushing the country as a rising tiger with one of the fastest growing economies in Asia.

Agriculture Secretary Emmanuel Piñol led a delegation that secured a pledge of some $510 million in loans from the Hungarian government for technical assistance in water management.

Piñol and other members of the delegation met last week with Hungarian Agriculture Minister Sandor Fazekas and Hungarian Foreign Affairs and Trade Minister Péter Szijjarto to explore areas of cooperation in agriculture.

Hungary offered a $510-million credit facility through the Export-Import Bank, which could include a $20-million study for clean-up initiatives in Manila Bay and Laguna Lake as well as scholarships for Filipino students in agriculture-related studies.

Piñol said he pledged “quick response to requests for accreditation by Hungarian meat exporters.”

Both sides discussed the possible exchange of experts, specifically in rice and cattle, after the delegation visited Hungarian companies engaged in agricultural mechanization and livestock genetics.

Aside from Piñol, the delegation included Bureau of Soils and Water Management Director Angel Enriquez, Farm to Market Road Development Director Romirose Padin, Agriculture Head Executive Assistant Ferdinand Piñol, senior agriculturist engineer Evangeline Dacumos, Maguindanao Gov. Esmael Mangudadatu and his aide Benjamin Sanguan, and agricultural attaché Pit Laquian.

The Philippine Embassy in Athens also made its own pitch to Greek businessmen on May 23 during a seminar at the Central Greece island of Evia.

Charge d’ affaires Rosario Lemque described the Philippines as a rising tiger with “one of the fastest growing economies in Asia” and invited investments in agriculture, food and beverage, infrastructure, manufacturing, pharmaceuticals, energy and tourism.