Vice President Jejomar C. Binay on Thursday invited European investors to engage in biofuel trade with the Philippines.

Speaking during the Asia-Europe Meeting (ASEM) Conference on the Harmonization of Biofuels Standards and Application to Vehicle Technologies at the New World Hotel in Makati, the Vice President said that the prospects of developing fuels that are cleaner and more cost effective than what is currently being enjoyed is a future that the country “would like to build in concert with others.”

“We are proud to offer this biofuel product for your consideration, and invite you to peruse and patronize our Philippine Biodiesel,” Binay told the European participants of the conference.

Binay said that the Philippines’ coco-biodiesel is now gaining regional recognition as a strong contender to become a bio-feedstock of choice, as countries move to harmonize biodiesel standards.

“Our biodiesel industry is capable of not only supplying the Philippine market’s requirements. It is mature enough to service export accounts as well, and it shall continue to grow,” he said.

The Vice President said that there was also a “golden opportunity” for technical cooperation and technology transfer with future partners in biofuel trade that will “hasten and improve the research and development of global biofuel production and utilization.”

“Europe’s strong advocacy towards biofuel utilization is ably matched by a corresponding technical capacity and capability to support such mandate. Coupled with our agricultural capabilities and long-term commitment, the potential ensuing relationships are more than bright: they are stellar,” he said.

Meanwhile, Binay said that as the government pushes for clean environments and cost-efficient clean fuels, it should also maximize the impact that the biofuel industry can create in underdeveloped areas of the country.

“Pursuits to include the cultivation of materials for biofuel production, can bring livelihoods, progress and yes, even a firm peace to areas long steeped in conflict and turmoil,” he said.

The two-day ASEM conference will discuss the biofuel industry, its integration to current technology, and policies to continue development and innovation.

ASEM brings together the 27 European Union Member States and the European Commission with 19 Asian countries and the ASEAN Secretariat in an informal process of dialogue and cooperation.