^

Headlines

Phl, US ink 'debt-for-nature' deal

The Philippine Star

MANILA, Philippines (Xinhua) - The Philippines and the United States have signed recently two agreements governing a new "debt-for-nature" deal, authorized under the US Tropical Forest Conservation Act (TFCA), US Embassy in Manila said today.

US Ambassador Harry Thomas Jr. and Philippine Finance Secretary Cesar Purisima forged the deal on July 18.

Thomas said the agreements will redirect toward conservation approximately 31.8 million US dollars in debt payments owed by the Philippines to the US Agency for International Development (USAID) and will establish a Second Tropical Forest Conservation Fund.  

The fund will be used to provide grants to conserve, maintain and restore key tropical forests in the Philippines, the envoy said.

The Second Tropical Forest Conservation Fund supports the five- year Partnership for Growth (PFG) initiative signed by the United States and the Philippines in November 2011.  

The Philippines is one of only four countries chosen to participate in the PFG program, which aims to mobilize the resources of both governments to address the most serious constraints to economic growth and development in the country, Thomas said.
 

AMBASSADOR HARRY THOMAS JR. AND PHILIPPINE FINANCE SECRETARY CESAR PURISIMA

CONSERVATION

FOREST

INTERNATIONAL DEVELOPMENT

PHILIPPINES

PHILIPPINES AND THE UNITED STATES

SECOND TROPICAL FOREST CONSERVATION FUND

TROPICAL

TROPICAL FOREST CONSERVATION ACT

UNITED STATES AND THE PHILIPPINES

XINHUA

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with