MOUs for Spanish financing to PH readied

The government is finalizing two memoranda of understanding (MOU) with Spain, including one for a proposed 300-million euro grant for agro-food, infrastructure and tourism projects here.

In a statement, the Department of Finance said Spanish Ambassador-Designate Jorge Moragas had told Finance Secretary Carlos G. Dominguez III that Spanish firms were interested in participating in the Duterte administration’s “Build, Build, Build” infrastructure program, specifically railways.

In turn, Dominguez had told Moragas in a meeting that Spanish firms were “most welcome to take part in the 75 flagship projects under Build, Build, Build.”

The potential infrastructure investments will form part of the proposed Philippine-Spain MOU on economic and financial cooperation, aimed at further [enhancing the bilateral relations between the two countries.

Another MOU will cover the 300-million euro facility that Spain pitched to the Philippine government last year.

“The proposed MOU on the mechanisms for the 300-million euro financing facility covers possible projects in infrastructure, energy, telecommunication, water treatment, solid waste treatment, agro-food industry, and tourism sectors,” the DOF said. —BEN O. DE VERA