WATCH: Why Duterte refused EU's grants

Due to perceived meddling in the Philippines' domestic affairs by the European Union, Duterte says the country will no longer accept new grants. AP/Wong Maye-E

President Rodrigo Duterte explained in a speech why he has decided to stop accepting financial grants from the European Union.

Foreign Affairs Secretary Alan Peter Cayetano previously cited their meddling in the Philippines' internal affairs, such as criticism against Duterte's war on drugs, as the main reason for the refusal.

READCayetano: Philippines will not accept new EU grants

EU Ambassador to the Philippines Franz Jessen earlier said cutting aid from the 28-member bloc would mean the loss of about €250 million or $278.73 million worth of grants.

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