MANILA – One of the outcomes of the recent visit of the Philippine delegation to Europe is a possible financing agreement between the governments of the Philippines and France.
In a chat early this week, Board of Investments (BOI) officials shared to trade reporters that the Department of Finance (DOF) and the French government are studying to have a financing agreement to be used for procurement activities of Philippine government agencies, including the Philippine Coast Guard (PCG).
BOI Director Eries Cagatan said this deal will help in securing funding for procuring equipment, such as vessels under the PCG project.
“For the PCG project, part of which vessels are to be made locally,” Cagatan said in a Viber message.
Prior to this, French shipbuilder OCEA is eyeing to put up a PHP1.5-billion shipyard facility in the Philippines and get a share of the market in the country.
Department of Trade and Industry (DTI) and BOI managing head Ceferino Rodolfo also told reporters Monday that OCEA is looking into participating in government procurement, which include supplying PCG vessels.
Thus, the possible financing agreement between the Philippines and France will secure funding for acquiring these vessels.
“Note that the Framework Agreement being studied by DOF is not specifically for OCEA but for similarly-situated projects that will have funding from foreign governments provided to private firms; the procurement will still be subject to our procurement law,” Cagatan added.
The BOI officials said OCEA has reaffirmed its investment commitment to the Philippines during the 10th Philippines-France Joint Economic Commission (JEC) meeting last month.
It was in the 9th Philippine-France JEC in 2021 when OCEA expressed its interest to invest in the Philippines by building a shipyard that could generate 600 jobs.
The French company also signed a letter of commitment of its investments here in October 2022. (PNA)
