Hungary offers P30-B fund to Philippines

MANILA, Philippines -  Hungary has offered a P30-billion credit facility to the Philippines to fund private businesses, despite the recent announcement of the Duterte administration it will reject grants from the European Union.

Agriculture Secretary Emmanuel Pinol, who is currently on a European tour, said Hungary has offered a €530-million (P30 billion) credit facility, including a €20-million (P1.1 billion) grant for the conduct of a study on the clean-up of Laguna Lake and Manila Bay.

“The fund was offered by Hungarian Foreign Minister Peter Szijjarto after I mentioned the clean-up of lakes, rivers, creeks and bays in the Philippines as part of the Department of Agriculture’s fisheries program for sustainable fishing,” Pinol said.

He added the credit facility could be accessed by private business groups in the Philippines to fund businesses which could contribute to the strengthening of ties between the two countries.

“The grant and the credit facility is part of the Eastern shift policy of Hungary which includes strengthening relations with the Philippines and other countries in East and Southeast Asia,” Pinol said.

Furthermore, Pinol said Hungary emphasized the credit facility and the Laguna Lake and Manila Bay clean-up study fund are offered without any attached conditions which would be perceived as interference in the internal affairs of the Philippines.

President Duterte recently announced the Philippines will reject aid and grants from the EU which are given with attached conditions.

“Hungary said they respect the sovereignty of our country and that we must be allowed to run our own affairs without interference from other countries,” Pinol said.

The European country also offered 35 scholarship slots to Filipino post-graduate students in the field of agriculture to be sponsored by the Hungarian government and five more slots under the Food and Agriculture Organization (FAO) program.

Meanwhile, the DA allowed three Hungarian companies to export meat products to the Philippines.

Hungary is one of the biggest exporters of meat among Eastern European countries.