THE Philippines secured access to up to £5 billion, or about P419.9 billion, in financing support from the United Kingdom to fund social infrastructure and other development projects, according to the Department of Finance (DOF).
The funding was clinched after a signing of a new government-to-government (G2G) partnership by Finance Secretary Frederick D. Go, UK Trade Minister Lord Anas Sarwar and UK Ambassador Sarah Hulton OBE.
‘The G2G Partnership comes at an important time for the Philippines as it continues its transition to an upper-middle-income country,’ the DOF said in a statement it issued last Wednesday. ‘It is important to sustain productivity and investment, create more and better jobs, strengthen economic resilience, and promote inclusive and equitable economic growth.’
Both governments will identify and advance strategic and feasible projects that are in line with the Philippines’s development agenda once a framework has been established, the DOF said.
So far, energy transition, sustainable transport, water and sanitation, aviation and social infrastructure are a few possible areas of cooperation.
The two governments have already begun discussions on potential projects through the Infrastructure Sectoral Working Group of the Philippines-UK Joint Economic and Trade Committee.
‘We are opening new opportunities to bring financing, expertise, and partnership to projects that matter to the Filipino people. This Government-to-Government Arrangement gives us a practical framework for financial and development cooperation,’ Go was quoted in the statement as saying.
UK Trade Minister Sarwar said the agreement would allow the Philippines to access UK expertise, goods, services and financing while creating opportunities for British companies to participate in Philippine projects.
‘Delivering on our recently published G2G Strategy, this partnership shows the UK building modern trade relationships that will deliver tangible economic benefits-jobs and growth-both at home and abroad,’ Sarwar said.
The UK is also a member of the Luzon Economic Corridor, where the two countries can combine financing, technical expertise and private-sector investment for projects involving connectivity, energy systems, digital infrastructure and advanced manufacturing supply chains, the DOF said.