The Government of Spain is looking to accelerate the Philippines' infrastructure development in renewable energy, food production, and water management, as the local economy continues to grow.

Spanish Ambassador Miguel Utray Delgado said he expects several public and private investments from his country to boost these three key sectors in line with the Philippine Development Plan 2023–2028.

"I think it's a very strategic document," Delgado said in a recent meeting with Department of Finance Secretary Ralph Recto.

"We are a leading country in renewable energies, so we are here to support the green transition of the Philippines," the ambassador added.

The two officials discussed areas for cooperation as the Philippines prepares for an economic briefing in Madrid next month.

Delgado noted that government leaders from more than 40 countries are expected to gather in Spain to discuss development financing in a summit to be held in Seville.

"We are also centering our efforts on food security and logistics which entail many things, for instance, infrastructure: ports, bridges, airport, and roads," he said.

"We have several big companies that can work in that direction," he added.

The Spanish ambassador also said that water management in the Philippines is a "very interesting" sector.

President Ferdinand Marcos Jr. earlier said that 11 million Filipino families still lack access to potable water, citing the effects of climate change and the country’s limited infrastructure and water recycling technologies.

Despite these challenges, Delgado said the Philippine economy is well-positioned to attract more foreign investments due to its strategic location and human capital.

"The Philippines is in a strategic situation in Southeast Asia and has a vibrant and young population of more than 110 million," he said.

"All economic indicators are very good, and I think we have a bright future of cooperation," Delgado added.

Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said the government aims to approve at least P235 billion in foreign investments for the full year. In the first five months alone, investment pledges reached P66.34 billion — an 80 percent increase compared to the same period in 2024.

The biggest pledges came from South Korea, followed by the United States, China, Japan, and the Netherlands.