Finance Secretary Carlos Dominguez III on Wednesday welcomed Spain’s offer of a financing facility of up to 300 million euros to support government projects in the areas of infrastructure, agro-food and tourism.

Spanish Ambassador-Designate Jorge Moragas informed Dominguez during their recent meeting about the proposed memorandum of understanding (MOU) on the mechanisms involving the 300-million euro facility and another agreement on economic and financial cooperation between Manila and Madrid.

Moragas also expressed Spain’s interest in investing in President Duterte’s centerpiece “Build, Build, Build” program, especially in railway projects.

Dominguez said Spain and its companies are most welcome to take part in the 75 flagship projects under “Build, Build, Build,” particularly in providing rolling stock and other equipment for the rail projects in Metro Manila and Luzon.

During the meeting, Dominguez also took the opportunity to thank Spain for pledging last November an additional USD50 million (PHP2.619 billion) for the reconstruction and rehabilitation of the war-torn city of Marawi in Mindanao.

Spain’s pledge is on top of the technical assistance it had provided to government agencies, in preparation for the implementation of projects under the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRPP).

The proposed MOU on economic and financial cooperation between the Republic of the Philippines and the Kingdom of Spain aims to further enhance the bilateral relations between the two countries, through the creation of a Joint Intergovernmental Committee (Joint Committee) that will identify opportunities for cooperation in such fields as agriculture, transportation, basic infrastructure, disaster-risk finance, energy and environmental economics.

This joint panel will be composed of representatives from both countries, to be co-chaired by an undersecretary of the National Economic and Development Authority (NEDA) and the Secretary of State of Trade of the Ministry of Economy, Industry and Competitiveness of Spain, with a representative from the Department of Finance (DOF) as member.

Meanwhile, the proposed MOU on the mechanisms for the 300 million Euros financing facility covers possible projects in infrastructure, energy and renewable energy, telecommunication, water treatment, solid waste treatment, agro-food industry, and tourism sectors.

The MOU is currently being finalized by the Spanish Embassy and the DOF’s International Finance Group (IFG), which is headed by Undersecretary Mark Joven.

The total bilateral trade with Spain reached USD652.32 million (or PHP33.99 billion) as of 2017.

Philippine exports to Spain in 2017 amounted to USD212.2 million (or PHP11.05 billion), which is 16.2 percent higher than that in 2016. Spain ranked 26th among the markets for Philippine exports as of 2017.

The country’s total imports from Spain in 2017 amounted to USD440 million (or PHP22.930 billion).

Source: PNA

It is really included on teaching to anyone the significance of the 'insurance' in the 'Financial Literacy' which is really 'advise' that if you want to get ahead in life and facilitate your life financial is one of them should first be processed or you have the capital before you begin to 'invest' or enter into the business industry.

You can vary the situation we are in life, some others are 'single' and yet some others with family, and possibly we have also other classes of insurance to choose that we'll depend on what our situation in life.

Why 'Insurance' is important, first of all in our lives especially if you have a family and have a large responsibility to them and especially your family depend on your income each payroll, you can expect how important insurance is. Imagine, if suddenly something happens that you don't expect that to happen like sudden death in an accident, sudden illness and hospital checkups, sudden catastrophic tragedy that really inevitable. How can you just leave your loved ones if you don't have something funds left for them to continue their lives especially in regard to financial.

The purpose of the 'Insurance' is for the event or like something happens to you that was unavoidable, such as death or confined in hospital, which is somehow benefits and helped your loved ones to get their needs from your insurance. We may not say that, those 'Insurance', leaving them, will be the replacement of your obligations from your family in terms of financial. But even though, what ever happens to you, those 'insurance' will help them sustain their needs in case of your sudden death.


A very simple purpose or aims of 'Insurance', that is to not be a burden to your loved ones if they suddenly loose you.

Imagine, if things cost us too much that sometimes it's useless, why we don't give care or meaning about 'insurance' that benefits to our loved ones? There is now 'Insurance' offered in the 'Insurance Company' in case you can't use it this time, think it as your funds and will be used in the appointed time. There is also 'Insurance' like 'Investment' which let you deposit and you will get all the commissions including from the premiums you earned. These types of 'Insurance' is good, because this is not only an ordinary Insurance's goal. Its purpose is not only to be able to assemble fund but also with those little 'Invesment Side' to let their deposit's grow.

I also recommend to not merely take the 'Insurance' that is unstable and unknown 'Insurance Company' or you're not sure and that have any doubts. First study carefully and do research well beforehand and ask questions of others. But make sure, the one you ask are those who know better, has an experiences and also got the 'Insurance' in both 'Insurance Company' where you planned to register.


With 'Internet' today, is now easier to do research, and study carefully beforehand. It's good if there is someone 'Insurance Agent' offered you an 'Insurance', but first, study it carefully and don't merely take those immediately. Although the purpose of your 'Insurance Agent' is good, you will need to analyze it well, mainly the 'Insurance Company' and your financial situation.