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PH, Luxembourg to enhance economic cooperation, explore partnership in sustainable investments

LUXEMBOURG – The Philippines and Luxembourg discussed opportunities to expand cooperation in physical and digital connectivity, renewable energy, and sustainable finance during a courtesy meeting between Finance Secretary Benjamin E. Diokno and Luxembourg Minister of Finance Yuriko Backes on October 24, 2023.

Secretary Diokno highlighted that the Philippine economy has continued to perform well despite the difficult global economic environment, making it an attractive investment hub in the ASEAN – one of the fastest growing regions in the world.

He further promoted the Philippines’ recently liberalized sectors, including renewable energy, airports, toll roads, shipping, and telecommunications, as well as the country’s burgeoning sustainable finance sector.

For her part, Minister Backes emphasized Luxembourg’s strong commitment to investing in renewable energy, sustainability efforts, and gender equality, and expressed their keen interest in exploring cooperation with the Philippines in these areas.

Minister Backes welcomed the Philippine delegation to the Ministry’s main office in Luxembourg on the sidelines of the Global Gateway Forum to be hosted by European Union (EU) Commission President Ursula von der Leyen in Brussels, Belgium on October 25-26, 2023.