Spain bets on PH economy
Amid financial difficulties in Europe, Spanish companies are “betting” on the Philippines not only for profit but also for social returns, Spanish Ambassador to Manila Jorge Domecq told the Inquirer in an interview.
“Even in these trying times of financial restrictions all over Europe, we have made a bet on the Philippines and we are helping it to achieve inclusive growth to reduce poverty and increase good governance,” he said. The Philippines aims to achieve 7 to 8 percent average economic growth yearly from 2011 to 2016 through infrastructure investments and increased consumer spending.
Consumer products, infrastructure projects and social development projects are in the radar of Spanish firms, Domecq said. Public-private partnership (PPP) is one mode where Spanish firms are keen on participating, he said.
Domecq highlighted the recent participation of Getinsa, a Spanish engineering company with global expertise, in the P2-billion Daang Hari-South Luzon Expressway link road that the Ayala-led group bagged via bidding. The project was the very first to be auctioned by the Aquino administration under the much-awaited PPP framework.
Educational projects as well as culturally significant PPP packages, including the restoration of Intramuros and the transformation of strategic parts into commercially viable areas, are also of interest to Spanish firms, he said. Spain is also aiding the restoration of San Agustin Church, which is one of Manila’s heritage sites.
The Spanish government is also helping the Philippines in restoring other churches, ancestral homes, and cultural sites through Esquella Taller, an institution established in 2009 which trains Filipinos in the restoration of structures at least 50 years old.
In terms of bringing Spanish brands into the Philippines, Domecq cited the recent launch of Emperador Deluxe brandy and yoghurt brand Creamy Delight, which will be produced in the Philippines by Spain’s Grupo Leche Pascual and Asia Brewery Inc.
The Department of Trade and Industry has said separately that Leche Pascual is seriously considering using the Philippines as a platform for Asean expansion by building a $30-million manufacturing facility after growing the market. In the meantime, the partners are importing Creamy Delight from Spain.
Spain was also instrumental in setting up the MDG (Millenium Development Goals) Achievement Fund that has been funding developmental programs in various countries since 2009. The Philippines was granted the most number of programs under the MDG-F. There were a total of 130 joint programs in 50 countries focused on 8 areas. There were to be three program areas to be approved per country but the Philippines was an exception since it got approval for 4 areas (climate change, nutrition, youth employment and migration, and inclusive economic governance) and got almost $24 million worth of funding from the UN system through the MDG-F.
