Strengthening development cooperation between the Philippines and Italy, the Italian Government identified the Philippines as one of the beneficiaries of a debt conversion program in accordance with the Programming Guidelines and Directions of the Italian Government Cooperation for 2011-2013. This led to the signing of a Debt for Development Swap Agreement between the two Governments on 29 May 2013. A Counterpart Fund Account (CPFA) was established arising from the Agreement where the Philippines’ outstanding debt obligation with Italy amounting to Euro 2.9 million will be converted to finance development projects in the poorest provinces, municipalities, and communities in the Philippines.
Officially named Philippines-Italy Debt for Development Swap Program, it aims at supporting the achievement of the country’s Millennium Development Goals relating to poverty reduction and sustainable development.
MESSAGE OF THE ITALIAN AMBASSADOR
The Italian Development Cooperation in the Philippines
With the launching of the “Call for proposal” for the new “DEBT- FOR-DEVELOPMENT SWAP PROGRAM”, Italy continues in the path of close cooperation with the Philippines, in the spirit of a strong friendship that traditionally links our countries and our peoples.
This new exciting program, for an amount of about 3 M Euros will finance projects targeting specifically:
Poverty reduction; Socio-economic development Environmental protection and sustainable management of natural resources.