In a report to the Department of Foreign Affairs, Philippine Ambassador to Luxembourg Cristina Ortega said she met with Luxembourg Minister of Foreign Affairs of Jean Asselborn at the latter’s office at Luxembourg City as part of the DFA’s economic diplomacy program and enhancing relations with Philippine bilateral partners.
The promotion of the Philippines as a global hub for BPO and the promotion of export products, including automotive parts and replacement parts topped the agenda of the meeting. Luxembourg supplies car parts to its neighboring countries of Germany, Netherlands and Italy.
"The Philippines enjoys 5.2 percent growth and is globally attuned to respond to the demands of other countries for products and supplies," Ortega said.
According to Ortega, the OFWs have become a major force in the country’s economic growth through its remittances which have reached $13 billion by the end of the year.
The officials also discussed the possibility of a bilateral project on microfinance, wherein Luxembourg will share its financial expertise to uplift the technical skills and know-how of micro finance institutions in the Philippines.
The project was earlier discussed with Ortega in a meeting with Director Arlette Conzemius of the International Economic Relations Office and Director Marc Bichler of the Development Cooperation, both under the Ministry of Foreign Affairs.
"Minister Asselborn and Directors Conzemius and Bichler are very supportive of helping the Philippines not only through promotion of RP exports but also through development projects," Ortega said. "We can start with a training program in microfinance as we have structures and institutions in place. Luxembourg’s expertise on financial matters could help us enhance our bilateral cooperation."
Luxembourg is one of the most dedicated donor countries which consistently contributes almost 0.8 percent of its GNP for development projects in developing countries.
Luxembourg is the world’s number two hub for investment funds management, next only to the US banking and financial services industries.
Two-way trade between the Philippines and Luxembourg for the past years has been minimal.