PH gets 200-M euro loan from France for marine protection, blue economy dev't

The Philippines has secured a 200-million euro loan (about ₱14 billion) from the French government, through Agence Française de Développement (AFD), for the country's protection of its marine ecosystems resources and expansion of opportunities in the blue economy.

In a news release on Thursday, the Department of Finance (DOF) said AFD-financed Marine Ecosystem for Blue Economy Development (MEBED) 1 it secured, on behalf of the Philippine government, will support policy reforms that protect marine ecosystems, improve solid waste management, and promote investments in the country's blue economy.

The MEBED 1 is expected to generate increased and sustainable livelihoods for more than three million people, including fisherfolk, aquaculture operators, and tourism workers.

The program is also seen to boost national income and strengthen the resilience of coastal communities.

"By securing our marine resources, we are protecting the livelihoods of millions of coastal residents and strengthening our defenses against climate change. Cleaner oceans mean a healthier, more productive blue economy," said Finance Secretary Frederick Go.

The DOF said the initiative is co-financed by the Asian Development Bank (ADB).

"The marine ecosystems and blue economic development program represent an important step forward in protecting marine biodiversity, reducing plastic marine debris while promoting sustainable economic opportunities," said French Ambassador Marie Fontanel.

"France and the Philippines share a long-standing partnership grounded in joint action for sustainable growth and the resilience of ecosystems and population. As a development partner, the French Development Agency is proud to help translate these shared commitments into concrete projects and tangible impact," said AFD Country Director for the Philippines Benedicte Gazon said.

Go thanked the AFD for its continued partnership and confidence in the Philippines, reaffirming the Philippine government's commitment to work with partners to ensure that every investment translates into meaningful and lasting benefits for the Filipino people.

Last Tuesday, the DOF announced that the Philippines has secured a 200-million euro loan financing from France, also through the AFD, for the Reducing Food Insecurity and Undernutrition with Electronic Vouchers (REFUEL) project. — VDV, GMA News