PH, Sweden sign financial and dev't cooperation pact

The Philippines and Sweden have solidified their partnership with the signing of a government-to-government agreement aimed at enhancing financial and development cooperation. The deal, formalized on November 22, provides Manila with access to grants and additional funding options for key infrastructure and sustainability projects across the nation.

The Memorandum of Understanding (MOU) on Financial and Development Cooperation was signed by Finance Secretary Ralph Recto and Minister for Infrastructure and Housing Andreas Carlson at the Department of Finance (DOF) office in Manila.

Under the terms of the agreement, the Philippine government can tap into Swedish grants and financial support for priority programs, as well as secure technical assistance, concessional official development assistance, and blended financing for various national projects.

Among the initiatives highlighted in the agreement are the EDSA Busway Project, the Iloilo Bus Rapid Transit system, the Subic-Clark-Manila-Batangas Railway Project, and the National Bus Standardization Program. Additionally, the MOU covers initiatives related to hydropower resource assessments and hybridizing diesel power plants under the National Power Corporation.

Finance Secretary Recto expressed pride in the strengthened collaboration, emphasizing the positive impact this agreement would have on the economic security of Filipinos. He highlighted the importance of this cooperation in supporting the country’s transition to a greener and more sustainable future.

Minister Carlson, in his remarks, underscored Sweden’s commitment to fostering partnerships for growth, prosperity, and security, even amid global political uncertainties. He reaffirmed the Philippines as a crucial partner in these shared objectives.

The agreement also opens doors for the Philippines to benefit from Sweden's expertise through its entities, such as Swedfund International AB and the Swedish Export Credit Corporation, ensuring the long-term sustainability of the collaborative projects.