STATEMENT ON EU AID REJECTION

As Chairman of the Senate Committee on Economic Affairs, it is my opinion that the loss of P13 billion in foreign aid from the EU is a price the Philippines can afford to pay in pursuit of truly independent foreign and economic policies. However, this decision does not mean that we are forsaking the economic ties we have built over the years with the EU. The Philippines will always be willing to build meaningful trade relations with any State or regional organization that is willing to deal with us in good faith, as peers and equals.