PHL, Denmark sign development financing deal

THE Philippines entered into a partnership with Denmark with the aim of mobilizing financing for priority development programs, the Department of Finance (DoF) said.

In a statement on Monday, the DoF said the memorandum of understanding promotes financial and developmental cooperation. Signing for Denmark was Ambassador Franz-Michael Skjold Mellbin.

“We see this partnership as an investment in our future. Our goal is to translate this agreement into concrete projects, stronger investments, and meaningful results that benefit both the Philippines and Denmark,” Finance Secretary Frederick D. Go said.

The agreement is expected to expand cooperation in infrastructure, renewable energy, climate action, maritime development, transportation, and agriculture.

It is also expected to create opportunities for concessional and blended financing to support projects that strengthen climate resilience, improve connectivity, and promote long-term, sustainable economic growth in the Philippines.

“When we get the framework right, we get the solutions right, and companies are more willing to invest in the Philippines to increase productivity and strengthen the economy’s resilience,” Mr. Mellbin said.

The Philippine economy expanded by 2.8% in the first quarter, against the 3% growth posted in the preceding quarter and 5.37% a year earlier.

For this year, the government is projecting gross domestic product growth of between 3.5% and 4.5%. — Justine Irish D. Tabile