FILE PHOTO: Smog thickly veils the Ortigas Center skyline as seen from Circumferential Road No. 5 on September 22, 2023. Officials attribute the phenomenon to Metro Manila鈥檚 air pollution. Air quality in the capital has been recorded at varying critical levels. INQUIRER file photo / LYN RILLON
MANILA, Philippines 鈥� A 60-million euro financing agreement for the Green Economy Program has been sealed between the Philippines and the European Union (EU).
The pact, which seeks to aid the Philippines in its path toward a 鈥済reen economy,鈥� was signed on Wednesday, October 25, at the Global Gateway Forum in Brussels.
Finance Secretary Benjamin Diokno stood as the representative of the Philippines and signed the agreement with the European Commissioner for International Partnerships Jutta Urpelainen.
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鈥淭he Team Europe Initiative on Green Economy is a testament to the power of cooperation in addressing today鈥檚 pressing challenges. With a significant contribution of 鈧�60 million through the Green Economy Program, we are helping to build a circular economy, promoting sustainable practices, and supporting climate change mitigation,鈥� Urpilaine said in a statement.
Diokno said the Philippines is grateful for the EU鈥檚 generosity and support to the country鈥檚 climate change agenda.
鈥淭he financing support from the EU will help the country in fulfilling its Nationally Determined Contribution commitment to reduce and avoid greenhouse gas emissions by 75 percent by 2030. Through this聽 鈧�60 million grant, the country will benefit from various measures in reducing the production of wastes and plastics, deploying renewable energy, and improving energy efficiency,鈥� he said.
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Based on the published on the website of the Bangko Sentral ng Pilipinas, 60 million euros amount to P360,363,000.00 at the prevailing P60.0605 to 1 euro.
The EU also said it is eyeing a potential free trade agreement with the Philippines, adding that it could generate job opportunities.
Earlier this year, President Ferdinand Marcos Jr. and European Commission President Usrula von der Leyen launched the 鈥淭eam Europe Initiative鈥� on the Green Economy under Global Gateway.
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