Local infrastructure development initiatives will definitely get a much needed boost from a partnership with the United Kingdom as the British Chamber of Commerce Philippines (BCCP) signed a government-to-government (G2G) financing framework that could provide up to £5 billion in UK Export Finance (UKEF) support for eligible priority projects.
Signed by UK Minister of State for Trade Lord Anas Sarwar and Philippine Finance Secretary Frederick D. Go, the framework aims to provide a mechanism for both governments that would identify and advance strategic and viable projects aligned with the country’s development priorities.
BCCP executive vice chairman Chris Nelson described the agreement as an important step towards development that could help advance infrastructure projects in the Philippines.
“The fact we finalized this, I think is a very important development,” Nelson cited while noting that potential projects would go through a process of assessment and development.
For his part, Sec. Go disclosed that potential growth areas targeted in the partnership include energy transition, sustainable transport, water and sanitation, aviation, social and digital infrastructure and advanced technology.
The financing framework follows discussions under the UK-Philippines Joint Economic and Trade Committee (JETCO) where both governments recognized the progress of the Infrastructure sector working group in finalizing the framework, with the UKEF confirming up to £5 billion in capacity for eligible Philippine projects.
Nelson identified energy, particularly renewable energy, as a key area for potential cooperation.
“If you look at all these projects, I think energy will be the foremost,” he asserted to highlight the Marcos Jr. administration’s efforts to further expand renewable energy.
Under the latest JETCO programme of work, the UK and Philippines will continue cooperation on offshore wind, grid modernisation, smart grids and microgrids while also exploring potential cooperation in civil nuclear energy.
The Philippines ang UK have also identified infrastructure, agriculture and technology, alongside renewable energy and energy transition, as areas for deeper trade and investment cooperation.
In ending, Nelson underscored that UKEF’s support can help connect Philippine infrastructure projects with UK expertise, goods, services and financing, creating opportunities for British companies to participate in future projects.
