Hungary extends P25-B credit to Phl

The Philippines will receive a P25billion credit facility from Hungary for water treatment projects even if the Duterte administration earlier said it would reject grants from the European Union.

The Department of Agriculture announced Hungary would lend $500 million (P25.4 billion) for the establishment of a water treatment facility in the country.

Agriculture Secretary Emmanuel Piñol said Hungarian Ambassador Jozsef Bencze met with him yesterday to finalize the credit facility.

“We welcome this development as we look up to how Hungary maintains good quality of water. They have very advanced technologies,” he said.

“The DA is looking at Laguna Lake as a pilot area. Once the project has been set up, Laguna fishers should manage the operations of the treatment facilities,” Piñol added.

The agri chief said he has informed Finance Secretary Carlos Dominguez to assist on the discussion on how the money would be transferred to the country.

Last May, Piñol said Hungary offered a credit facility to the Philippines which could be accessed by private business groups in the Philippines to fund their operations 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,” Piñol said.

Malacañang has also approved the coming of rice experts from Hungary to study rice farming in the country during dry season which will start by November.

“We will show them how we plant rice during the season when there are no rains and we only use irrigated water,” Piñol said.

The DA also earlier allowed three Hungarian companies to export meat products to the Philippines.

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