Spain grants Philippines fresh P3.1 billion for dev't

MANILA, Philippines — Governments of Spain and the Philippines renewed its development partnership involving a EU50 million or P3.109 billion initial grant allocation.

Socioeconomic Planning Secretary Arsenio Balisacan and Spanish Foreign Affairs Minister Jose Manuel Garcia-Margallo signed the sixth extension of the Joint Commission on Development Cooperation in Makati on Tuesday.

"This agreement is the latest in our long history of close and friendly relations towards more meaningful development cooperation," Balisacan, who is also National Economic and Development Authority Director-General, said in a statement.

Balisacan said that the Philippines, a former Spanish colony, is the only priority country in Asia in its foreign cooperation plan from 2013 to 2016.

He noted that the grant aims to foster good governance and the rule of law, disaster risk reduction and management in the Philippines-Spain Country Partnership Framework (CPF) for development.

"We also appreciate the consultative approach taken by the Spanish government in the crafting of the CPF. This approach reinforces Philippine ownership of the priorities of our cooperation in line with the Philippine Development Plan 2011 –2016," Balisacan said.

The fund will be coursed through the country’s national government agencies, branches of the United Nations, and Spanish and Filipino non-government organizations.

Additional funds for financial cooperation and program-based aid will also be considered.