Secretary Diokno Invites Luxembourg and Belgium to Invest in PH Economy
Philippine Secretary of Finance Benjamin Diokno poses for a photo with Luxembourgish Minister of Finance Yuriko Backes before their meeting on 24 October 2023.
(photo from Brussels PE)
BRUSSELS 03 November 2023 - Philippine Secretary of Finance Benjamin E. Diokno met with various bilateral partners in Luxembourg and Belgium from 24 to 27 October 2023 to promote investments in the Philippine economy.
On 24 October 2023, Secretary Diokno met with his Luxembourgish counterpart, Minister of Finance Yuriko Backes. They discussed exploring cooperation in renewable energy, gender equality, and sustainable finance. Secretary Diokno was the highest ranking Philippine Government official to visit the Grand Duchy in the past 10 years.
Secretary Diokno next attended a business forum and networking lunch with representatives of Luxembourg for Finance, the Association of the Luxembourg Fund Industry, the Luxembourg Stock Exchange, and the Chamber of Commerce Luxembourg. Secretary Diokno touted the strong growth of the Philippine economy by stating that, “From clean energy to cutting-edge technology, the Philippines is primed and ready to seize emerging opportunities with our partners from around the world.” With 197 Infrastructure Flagship Projects worth USD155 billion, Secretary Diokno invited business leaders in Luxembourg to engage in public-private partnerships with the Philippine Government. Innovative solutions such as Philippine participation in the Luxembourg Green Exchange and the possibility of issuing gender bonds to appeal to more investors were also discussed. Philippine Honorary Consul General Alain Kinsch, who also serves as Chair of the Luxembourg Stock Exchange, organized the event.
Secretary Diokno also met with officials of the European Investment Bank (EIB), led by Vice President Kris Peeters. The EIB is interested in partnering with the Philippines to cofinance sustainable infrastructure and other similar projects. As a bank focusing on climate issues and sustainability, possible areas of cooperation include renewable energy, digital connectivity, and sustainable cities and regions.
On 26 October 2023, Secretary Diokno met with Belgian Investment Office (BIO) CEO Luuk Zonneveld to exchange information about investment opportunities in the Philippines as well as BIO priority investment areas. While BIO primarily invests in least developed, low-income, and lower-middle-income countries, the organization can also invest in upper-middle-income countries, which the Philippines expects to be by 2025.
On 27 October 2023, Secretary Diokno met with Federal and Holding Company (SFPIM) CEO Koenraad Van Loo to learn about best practices in operating Belgium’s sovereign wealth fund that can be applied to the Maharlika Investment Fund, which will be operationalized by the end of the year. The SFPIM is also interested in exploring renewable energy investment projects in the Philippines.
Belgian credit insurance group CREDENDO CEO Dirk Terweduwe met with Secretary Diokno to express CREDENDO’s willingness to cover the insurance needs of potential Belgian investors in the Philippines. As CREDENDO also produces country risk assessments, Mr. Terweduwe promised to lobby for the Philippines, which he commended as having sound economic fundamentals.
Finally, Secretary Diokno sat down for an interview with Mr. Alberto Turkstra of Diplomatic World magazine to discuss the Philippine Government’s plans regarding harnessing financial technology, increasing financial literacy, and empowering micro, small, and medium enterprises. END
(From left) Commercial Counsellor Magnolia Ashley, DOF Director Donalyn Minimo, First Secretary Charles Andrei Macaspac, Ambassador Jaime Victor Ledda, DOF Undersecretary Maria Edita Tan, Association of the Luxembourg Fund Industry Director of Business Development Britta Borneff, DOF Secretary Benjamin Diokno, Luxembourg Stock Exchange CEO Julie Becker, Philippine Honorary Consul General Alain Kinsch, Luxembourg for Finance Deputy CEO Simon Gorbutt, DOF Information Officer Pamela Suanco, and DOF Executive Assistant to the Secretary Christopher Miguel Saulo pose for a photo before the start of the Business Forum and Networking Lunch held at the Luxembourg Stock Exchange on 24 October 2023. (photo from Brussels PE)
(From left) DOF Executive Assistant to the Secretary Christopher Miguel Saulo, First Secretary Charles Andrei Macaspac, DOF Director Donalyn Minimo, European Investment Bank (EIB) Transport Economist Malaya Zumel, EIB Head of Operation in Asia Tao Ren, DOF Undersecretary Maria Edita Tan, EIB Vice President Kris Peeters, DOF Secretary Benjamin Diokno, EIB Head of Asia and Pacific Edvardas Bumsteinas, Ambassador Jaime Victor Ledda, Commercial Counsellor Magnolia Ashley, and DOF Information Officer Pamela Suanco pose for a photo at EIB headquarters in Luxembourg on 24 October 2023. (photo from Brussels PE)
Philippine Secretary of Finance Benjamin Diokno listens to the presentation by officials of the Belgian Investment Office on 26 October 2023.
(photo from Brussels PE)
Belgian Investment Office CEO Luuk Zonneveld presents BIO’s priority investment areas during a meeting with DOF Secretary Benjamin Diokno on 26 October 2023.
(photo from Brussels PE)
DOF Undersecretary Maria Edita Tan, Secretary Benjamin Diokno, Federal and Holding Company (SFPIM) CEO Koenraad Van Loo, SFPIM Chief Investment Officer Chief Investment Officer Tom Feys, and Ambassador Jaime Victor Ledda pose for a photo after their meeting on 27 October 2023. (photo from Brussels PE)
Philippine Secretary of Finance Benjamin E. Diokno meets with Belgian credit insurance group CREDENDO CEO Dirk Terweduwe on 27 October 2023.
(photo from Brussels PE)
Philippine Secretary of Finance Benjamin E. Diokno sits down for an interview with Mr. Alberto Turkstra of Diplomatic World magazine on 27 October 2023.
(photo from Brussels PE)
For more information, visit https://www.brusselspe.dfa.gov.ph, https://www.facebook.com/PHinBelgium/ or https://www.instagram.com/phinbelgium/ .