*EPF508 09/20/2002
Transcript: Philippines Signs Debt-For-Nature Agreements Sept. 19
($8.2 million goes to preserving tropical forests) (340)

The Philippines signed debt-for-nature agreements under the Tropical Forest Conservation Act (TFCA) on September 19. The agreements, Treasury Under Secretary John Taylor explained at the signing ceremony in Manila, will allow the Philippines to devote $8.2 million to finance tropical forest conservation activities in the Philippines over a 14-year period.

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FOR IMMEDIATE RELEASE
September 19, 2002
Contact: Tony Fratto
(202) 622-2960

TFCA Debt Swap Signing Ceremony with Philippines Thursday, September 19, 2002 Manila

Statement of Under Secretary of the Treasury John Taylor:

Good evening. I would like to thank President Arroyo and Secretary Camacho for their hospitality during the signing of these debt-for-nature agreements for the Philippines under the Tropical Forest Conservation Act (TFCA).

The agreements being signed today will allow the Philippines to devote $8.2 million to finance tropical forest conservation activities in the Philippines over a 14-year period. These funds will go toward the establishment, restoration and maintenance of parks, protected areas, and reserves, as well as train scientists, technicians, and managers involved in conservation.

These activities will help protect the Philippines' natural riches for future generations. The funds generated by these agreements, for example, will go towards protecting the rain forests of Mindanao as well as the Sierra Madre Mountain Range of Luzon. The importance of protecting such forests can easily be highlighted in that the very survival of the Philippine Eagle, a national symbol of which only approximately 200 remain, is directly tied to these lands.

In addition, it is important to note that a key element of these agreements is the involvement of local non-governmental organizations. The interest and enthusiasm of the NGOs that conducted civil society consultations on a regional and national basis, and provided recommendations to both governments already encourage us. As progress on this program was made, the United States would welcome the opportunity to consider a civil-society led debt-for-nature swap with the Philippines in the future.

In sum, today's transaction builds on the Administration's commitment to protecting bio-diversity around the globe, and we look forward to continued cooperation with the Government of the Philippines as we make a difference in protecting tropical forests.

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(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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