Finance Secretary Carlos Dominguez said he met
with French Ambassador to the Philippines Michèle Boccoz to discuss
"possible funding" for several projects including the first urban car
cable system in the country.
France is willing to provide financing support
through a "highly concessional loan" for the proposed urban cable
system which will be the first in Asia.
Dominguez said the proposed $100-million
project is pending approval by the Investment Coordination Committee.
The project by the Department of Transportation
(DOTr) involves the construction of a cable-propelled mass transport system
which spans about 4.5 kilometers along the Santolan-Eastwood-Pasig corridor,
the DOF said.
France had extended a grant for the feasibility
study on the project in 2018.
The officials have also discussed the proposal
to acquire 40 units of 24-meter fast patrol boats for the Philippine Coast
Guard, 2 additional 84-meter offshore patrol vessels, and 2 coastal patrol
boats from French shipbuilder OCEA.
The DOF said the French envoy sees the country
as a viable investment destination for foreign investors due to its prudent fiscal
Economic managers have been reiterating that
the Philippines' strong macroeconomic fundamentals have allowed the government
to respond swiftly to the COVID-19 pandemic.
The country's credit rating has also defied
global downgrades as debt watchers affirmed its current ratings with a stable