Photo Source: Official Website of Embassy of France in Manila
METRO MANILA, Philippines – Finance Secretary Ralph G. Recto highlighted the significance of the newly signed Government-to-Government (G2G) agreement between the Philippines and France, highlighting its potential to launch pioneering projects that aim to alleviate poverty and promote inclusive growth for all Filipinos.
“With its extensive coverage of development areas, this agreement stands as a vital force in our fight against poverty, laying a robust foundation for a prosperous and inclusive future for Filipinos,” Secretary Recto remarked.
The agreement facilitates financial cooperation between the two nations by enabling the Philippines to benefit from a range of commercial support instruments put in place by the French government. It paves the way for new partnership opportunities by enabling the financing of projects in strategic development sectors including agriculture, water sanitation, energy, infrastructure, maritime, mining, and transport. This initiative reflects the mutual commitment to promote sustainable development and inclusive growth.
This agreement on Financial and Development Cooperation (AFDC) was formalized through the signatures of Secretary Recto and Marie Fontanel, Ambassador Extraordinary and Plenipotentiary of France to the Philippines, on June 7, 2024. During the signing ceremony, a ceremonial exchange of diplomatic notes also took place between the Department of Foreign Affairs (DFA) Assistant Secretary Maria Elena P. Algabre and the French Ambassador.
Secretary Recto emphasized that the agreement represents more than just financial collaboration; it ensures the continuous delivery of initiatives that will benefit all Filipinos. He expressed deep gratitude to the French government for partnering with the Philippines in this historic milestone, which will significantly contribute to the nation’s economic security and prosperity.
“With the agreement in effect, we look forward to enhanced cooperation with France across key sectors critical to our development,” Secretary Recto stated.
Photo Source: Official Website of Embassy of France in Manila
Secretary Recto expressed enthusiasm for the numerous innovative projects that will arise from this agreement, particularly those that have never been undertaken in the Philippines. He reaffirmed his commitment to leading the Department of Finance (DOF) in ensuring the efficient implementation of the agreement and adherence to all agreed processes and protocols by relevant agencies.
Ambassador Fontanel echoed this sentiment, stating that France is eager to deepen its partnership with the Philippines, especially in areas such as defense, security, energy, food, maritime, and climate change. She also pledged France’s support for the Build Better More program and commended the DOF and DFA for their efforts in finalizing the agreement.
The event also saw the presence of key officials, including French Embassy Deputy Head of Mission Remy Tirouttouvarayane, Economic Counsellor Alain Fontanel, and DOF Undersecretary Joven Balbosa, all of whom underscored the importance of this agreement in fostering a stronger bilateral relationship.
This G2G agreement between the Philippines and France marks a significant step toward achieving a more inclusive and prosperous future for Filipinos, demonstrating the power of international cooperation in driving sustainable development.
For more details, please visit the official press release: https://www.dof.gov.ph/recto-g2g-agreement-of-ph-and-france-a-key-poverty-fighting-force-to-establish-an-inclusive-future-for-filipinos/