Monday, December 03, 2007 Railway, power attract Spain's interest
THE Spanish government is interested in financing projects that will improve the railway system and enhance the wind and solar power system in the Philippines, Ambassador Joseph Bernardo said.
The Philippine envoy to Spain said the Spanish government is already providing financial assistance in the form of soft loans for projects related to the shipping and power industry.
These include about €30 million Euros for the construction of 96 steel bridges, €150 million Euros for 70 modular roll on-roll off ports throughout the country, €26 million Euros for the improvement of solar energy production in the Visayas and Mindanao, a €22-million Euros loan facility to the Aboitiz Group and the Spanish company Socoin for a power project in Davao.
“At present, the Spanish government is also interested in financing projects through soft loans in the following areas: renewable energy, particularly wind and solar power, and transport, especially train and LRT (light rail transit),” he added.
He expects these additional soft loans to be brought up during the four-day state visit of President Arroyo in Spain, her second visit to the country since 2001 and the first state visit by a Philippine president since 1962.
President Arroyo arrived at the Barajas International Airport in Madrid at 4 p.m. Saturday (11 p.m. in Manila) after first dropping by Lourdes in France with First Gentleman Jose Miguel Arroyo and daughter Evangelina Lourdes to visit the Chapele de la Reconciliation and hear mass at the grotto of the Our Lady of Lourdes Shrine.
Schedule
Upon her arrival, she visited the Filipinos and employees of the Philippine Embassy before proceeding to the Colegio de Maravillas for an interaction with Filipinos in Madrid.
Today, the President is expected to visit the Spanish Senate and offer a wreath at the Tomb of the Unknown Soldier before attending a private lunch with their majesties King Carlos I and Queen Sofia at the Palacio de la Zarzuela.
The President will also receive the business calls of Mahou Brewery, Green-fuel and Grupo Ferrovial, which are both interested in alternative fuels.
Tomorrow, she will address the Confederacion Española de Organizaciones Empresariales, where she is expected to unveil the three-year Plan España that identifies the projects and activities to improve bilateral trade relations.
Bernardo said the President’s address aims to reinforce the Philippines’ efforts to entice Spanish companies and investors to do business here.
Growth
While total trade between Spain and the Philippines grew by 10 percent in the last five years, “there is, however, plenty of room for improvement,” said Bernardo.
In a bid to increase trade and investment, Arroyo ordered the opening of the Philippine Trade and Investment Center in Madrid in October 2006, which receives inquiries and project proposals from several Spanish enterprises about business and investment opportunities in the Philippines.
Last year, Spain was ranked as the Philippines’ 31st trading partner, accounting for 0.20 percent of the Philippines’ total foreign trade of US$98.5 billion. Spain also ranked 25th as an export market, accounting for 0.18 percent of the total Philippine exports of US$47 billion, and 34th as an import source, accounting only for 0.21 percent of the total imports of US$51.5 billion. (Sunnex)
