The Philippine delegation led by Trade Secretary Alfredo Pascual has signed additional agreements with French companies that have the potential to establish the first hydrogen plant in the country.
On Friday, the Department of Trade and Industry announced that National Power Corp. and the Mindanao Development Authority have signed separate memoranda of understanding with French power firm Hydrogène de France.
These agreements were made during the 10th Joint Economic Committee (JEC) meeting held on June 20. Their goal is to facilitate the development of renewable energy and hydrogen power plants in the Philippines.
The hydrogen plant will be the first of its kind in Southeast Asia and is estimated to cost P3 billion (or $50 million). It will be located on a 40-hectare site provided by the provincial government in Talusan, one of the three towns on Olutanga Island in Zamboanga Sibugay province.
During the same meeting, Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad Olivier Becht presented Trade Secretary Alfredo Pascual with three letters of intent (LOIs).
One of the LOIs offers French expertise and technical support in developing the Philippines’ dairy industry, while the other two contain proposals from Aéroports de Paris on aviation and the French Treasury and Matière on road bridges.
Other topics discussed during the meeting included the ongoing study on the Philippines’ electronic industries and the country’s interest in further cooperation with the Centre National D’Etudes Spatiales, the French Space Agency.
Both trade ministers also emphasized the growing trade relations between the two countries, expressing optimism for future collaborations. INQ
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