Published: Thu, May 18, 2017
Markets | By Noel Gibbs

Philippines rejects European grants

Philippines rejects European grants

"To me, on face value, it appears kind of unwelcome or not a good move but perhaps, I don't think it's going to remain as such", Mr Pernia said. "I went everywhere because we are really poor and we have to improve the economy", recapitulated during the during the 31st Biennial Convention of the Federation of Filipino-Chinese Chambers of Commerce and Industry last March.

"The Philippine government has informed us they no longer accept new EU grants", said European ambassador to the Philippines Franz Jessen about the current administration's controversial declaration.

"The Philippine government has informed us they no longer accept new European Union grants", Jessen said without elaborating.

The European Union is the Philippines' eighth biggest source of aid, with assistance a year ago worth $217 million, according to government data.

While acknowledging that "the Philippines desperately needs voluntary, community-based drug dependence treatment services that comport with worldwide standards and human rights principles", HRW pointed out that "neither JICA nor the Health department have provided any details about how the Philippine government will spend those funds".

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Eugenia Victoriano, an economist at ANZ research, said Duterte's decision to name a career central bank official, Nestor Penicillate, as its new governor would help put a lid on rising inflation.

In October a year ago, the firebrand leader dared Europe and United States to withdraw development assistance if they do not agree with his drug war policy.

He said the Philippines also reserves the right to respectfully decline offers "that do not achieve these goals and offers that allow foreigners to interfere with the conduct of its internal affairs".

"Hitler massacred three million Jews".

Duterte's crackdown is reported to have led to the deaths of more than 9,000 suspected drug addicts and dealers since he took office on 30 June.

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In October 2016, President Duterte dared Europe and the United States to withdraw development funding if they did not like his war on drugs, which has killed nearly 9,000 alleged small-time users and dealers since Duterte took office in June.

He later apologised for the Hitler reference but said he was "emphatic" about wanting to kill addicts.

Duterte easily won presidential elections a year ago after promising to end crime by killing tens of thousands of drug traffickers and addicts.

The 50-year conflict killed more than 120,000 people and displaced 1 million others.

Instead, Manila has embraced China, which has supported the drug war and sought to deepen economic ties by providing billions of dollars worth of investments and aid to the Philippines.

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Jonathan Favelas, chief market strategist for Manila-based BOD Uni bank, described Duterte's spat with Western governments over alleged extrajudicial killings in his drug war as "just noise" that would not impact on economic growth.

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