MANILA — The governments of Italy and the Philippines have agreed on the extension of the Philippines-Italy Debt for Development Program for two years, the Department of Finance (DOF) said on Monday.
MANILA — The governments of Italy and the Philippines have agreed on the extension of the Philippines-Italy Debt for Development Program for two years, the Department of Finance (DOF) said on Monday.
The Italian embassy in Manila, led by H.E. Ambassador Giorgio Guglielmino, and the Department of Finance (DOF)-International Finance Group, headed by Undersecretary Mark Dennis Y.C. Joven, facilitated the two-year extension of the program through an exchange of letters, the DOF said in a statement.
The Philippines was identified as one of the beneficiaries of the debt conversion program by the government of Italy under its 2011-2013 Programming Guidelines and Directions. A Debt for Development Swap Agreement between the Philippines and Italy was signed on May 29, 2012 through the DOF and the Italian embassy in Manila, allowing the conversion of the Philippines debt obligation amounting to EUR2,916,919.45 (about USD3.75 million or PHP160 million).
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