Belgium wealth fund, firms keen on investing in Philippines

MANILA, Philippines — Businesses in Belgium as well as the European country’s sovereign wealth fund have expressed interest in investing in the Philippines, Finance Secretary Benjamin Diokno said.

Diokno recently met with various business firms on the sidelines of the Global Gateway Forum in Brussels, Belgium.

The head of the Philippine economic team met with the Federal Holding and Investment Co., Belgium’s sovereign wealth fund, to discuss co-investment opportunities in public-private partnerships, particularly in infrastructure and renewable energy in the Philippines.

Diokno said Koenraad Van Loo, the wealth fund’s CEO, is keen on visiting the Philippines to explore partnerships in their priority sectors such as finance, aeronautics, health, energy and utilities, transport and mobility, and impact investing.

Belgium also expressed interest in learning more about the Maharlika Investment Fund once operational.

Further, Diokno had a meeting with the Belgian Investment Co. for Developing Countries (BIO) for possible financing opportunities for sustainable development in the Philippines.

BIO CEO Luuk Zonneveld discussed opportunities to finance projects in the Philippines that drive sustainable development, particularly gender equality, climate action, and decent work.

BIO is a Belgian development finance institution that mobilizes private investments in developing and emerging economies to enable them to gain access to growth and sustainable development.

It invests in entrepreneurs, small and medium enterprises, microfinance and other financial institutions, and renewable energy and infrastructure projects in Africa, Asia and Latin America.

Moreover, Diokno met Credendo, a state-owned credit insurance group, to facilitate investments between Belgium and the Philippines.

“Credendo’s risk outlook on the Philippines is stable, noting that the low external debt, adequate liquidity, and continued prudent government policies are supportive buffers in an uncertain climate,” Diokno said.

Credendo, provides customized options for insurance, reinsurance, guarantees, surety, and financing related to domestic and international trade transactions or investments abroad.

It protects companies, banks and insurance undertakings against credit and political risks, and facilitates the financing of export transactions.

Credendo has supported projects in the Philippines such as Turbulent Micro Hydro’s demonstration site in Davao Oriental.