The United Kingdom and the Philippines have signed a Government to Government partnership to strengthen cooperation on financing and infrastructure projects. The agreement gives the Philippines access to up to £5 billion in support from UK Export Finance (UKEF) for eligible government projects.
The partnership was finalised on September 23 by UK Trade Minister Lord Anas Sarwar, UK Ambassador Sarah Hulton and Philippine Finance Secretary Frederick Go. It provides a framework for the two governments to work together on priority programmes and projects.
The financing framework will allow UKEF support to be considered for Philippine infrastructure projects. The UK currently has up to £5 billion of available capacity for eligible projects in the country.
The partnership covers areas including transport, clean energy, healthcare, water and digital infrastructure. The UK and Philippines are also working through a broader programme that includes energy cooperation, offshore wind regulation and grid modernisation.
Philippine Finance Secretary Frederick Go said the arrangement would bring financing and technical expertise to projects in the country. UK Trade Minister Lord Sarwar said the agreement would create opportunities for British businesses to provide goods, services and financing for future Philippine projects.
The Philippines and UK will now identify projects that could benefit from the partnership. The agreement is part of Britain’s wider engagement with the Philippines on trade, investment and infrastructure development.
