Philippines-France G2G deal to help pave way to inclusive growth

CEBU, Philippines — Finance Secretary Ralph G. Recto has underscored that the signing of a Government-to-Government (G2G) agreement between France and the Philippines on financial and development cooperation will deliver pioneering projects that help reduce poverty and pave the way to inclusive growth for all Filipinos.

“With the broad range of development areas covered, this agreement will certainly serve as a key poverty-fighting force that will help us establish a solid foundation for a thriving, inclusive future for Filipinos,” Secretary Recto said in his remarks.

The Agreement on Financial and Development Cooperation (AFDC) will allow the Government of the Philippines to secure concessional official development assistance (ODA) and blended financing from the Government of France for the implementation of the Marcos, Jr. administration’s priority projects and programs.

It was signed between Secretary Recto and Ambassador Extraordinary and Plenipotentiary of the French Republic to the Republic of the Philippines Marie Fontanel on June 7, 2024.

A ceremonial exchange of diplomatic notes between Department of Foreign Affairs (DFA) Assistant Secretary Maria Elena P. Algabre and the French Ambassador also transpired during the event.

The Finance Chief stated that the signing of the agreement is more than just a financial partnership, but an assurance of uninterrupted delivery of programs and projects that will benefit all Filipinos.

He expressed his utmost gratitude to the French Government for being the Philippines’ partner in the historic milestone that will significantly contribute towards achieving economic security and prosperity for the Filipino people.

“With the agreement now in place, we anticipate strengthened cooperation with France across high-impact sectors crucial to our country’s development,” Secretary Recto said.

These sectors include agriculture, agro-industry, mining, water sanitation, infrastructure, transportation, and renewable energy.

“We are very enthusiastic about the numerous pioneering and exciting projects that will be developed through this agreement, especially those that have never been done before in the Philippines,” Secretary Recto said.

He reiterated his commitment to lead the Department of Finance (DOF) in ensuring the efficient implementation of the agreement, as well as the full compliance of all relevant agencies with the processes and protocols agreed upon.

In her remarks, Ambassador Fontanel stated that France is eager to enhance the level of its partnership with the Philippines, particularly in defense, security, energy, food, maritime, and climate change.

She also expressed France’s commitment to help with the roll-out of the Build Better More program and thanked the DOF and the DFA for a job well done in finalizing the agreement.

Also present during the event were French Embassy Deputy Head of Mission Mr. Remy Tirouttouvarayane; Economic Counsellor Mr. Alain Fontanel; and DOF Undersecretary Joven Balbosa. (DOF.GOV.PH) — (FREEMAN)