PH, Denmark ink cooperation agreement

MANILA, Philippines – The Philippine government has signed an agreement with Denmark that seeks to deepen cooperation and facilitate concessional and blended financing for infrastructure, climate and other priority sectors.

In a statement on Monday, the Department of Finance (DOF) said it signed a memorandum of understanding with Denmark on promoting financial and developmental cooperation.

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The agreement establishes a framework for mobilizing financing for high-impact projects that strengthen climate resilience, improve connectivity and promote long-term sustainable economic growth.

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It also seeks to deepen bilateral cooperation in key sectors, including infrastructure, renewable energy, climate action, maritime development and shipbuilding, transportation, agriculture and other priority areas.

As of this writing, however, the DOF said there is no identified minimum or maximum amount of financing that the Philippines could access under the agreement.

“At the Department of Finance, 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 Go said.

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The agreement comes just over two weeks after the Philippines signed a similar framework with Spain through a Framework Protocol on Financial and Technical Cooperation, which also aims to expand access to concessional financing and technical expertise from the European country.

According to the DOF, the agreement with Spain is expected to support big-ticket projects in transport infrastructure, agriculture, connectivity and energy. No financing amount has been identified for that framework as well.

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Separately, Go recently met with officials of the Bank of China, together with National Treasurer Sharon Almanza, to discuss possible financing instruments that could support the country’s development priorities. INQ

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