Enhanced Economic Collaboration between PH and France Sees Additional Agreements

The Philippine delegation, led by Trade Secretary Alfredo Pascual, has signed agreements with French companies that could potentially lead to the establishment of the country’s first hydrogen plant.

According to the Department of Trade and Industry, two memoranda of understanding were signed by the National Power Corp. and the Mindanao Development Authority with French power firm Hydrogène de France during the 10th Joint Economic Committee meeting held on June 20. The purpose of these agreements is to facilitate the development of renewable energy and hydrogen power plants in the Philippines.

The hydrogen plant, projected to cost P3 billion (or $50 million), will be the first of its kind in Southeast Asia. It will be constructed on a 40-hectare site provided by the provincial government in Talusan, Zamboanga Sibugay province.

During the same meeting, Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad Olivier Becht presented three letters of intent (LOIs) to Secretary Pascual. These LOIs include offers of French expertise and technical support in developing the Philippines’ dairy industry, as well as proposals from Aéroports de Paris on aviation and the French Treasury and Matière on road bridges.

Other topics discussed in the meeting were the ongoing study on the Philippines’ electronic industries and the country’s interest in cooperative engagements with the Centre National D’Etudes Spatiales, the French Space Agency.

Both trade ministers highlighted the growing trade relations between the two countries, expressing optimism for future collaborations.

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