The governments of the Philippines and Spain would sign an agreement to intensify economic and financial cooperation, especially as Spanish investors eye participation in rail projects here, the Department of Finance (DOF) said Wednesday.

In a statement, the DOF said Finance Secretary Carlos G. Dominguez III and Spanish Ambassador to Manila Luis Antonio Calvo Castaño met last Tuesday to discuss the proposed signing of a memorandum of understanding (MOU) on economic and financial cooperation between the two countries.

The MOU “aims to explore cooperation between the two countries in various fields such as agriculture, industry, energy and services, water infrastructure, climate finance, environmental economics and disaster risk finance,” the DOF said.