In May of 2012 Italian ambassador to Manila Luca Fornari and Philippine Finance Minister Cesar Purisima signed a 5-year Italo-Philippine debt-conversion agreement that will allow approximately 3 million euros to be redirected to poverty-reduction, sustainable development and environmental protection programmes. This agreement will make it possible for Manila to redirect its debt payments toward job creation projects particularly in the poorest provinces.
Major Philippine newspapers featured the news prominently.
