By Tracy Cabrera
MANILA — Philippine infrastructure development could gain access to as much as £5 billion, or about ₱419.9 billion, in financing support under a newly signed government-to-government partnership with the United Kingdom.
The Department of Finance said over the weekend the agreement provides a framework for the Philippines to access UK Export Finance (UKEF) support for priority and viable projects aligned with the country’s development agenda.
The framework was signed on Sept. 23 by UK Trade Minister Lord Anas Sarwar and Finance Secretary Frederick D. Go.
Go said the arrangement is intended to open opportunities for financing, technical expertise and partnerships for projects that could generate jobs, strengthen businesses and improve infrastructure.
Among the areas identified for possible cooperation are energy transition, sustainable transport, water and sanitation, aviation, social infrastructure and advanced technology.
The partnership builds on work under the Philippines-UK Joint Economic and Trade Committee (JETCO), which has been developing a pipeline of potential infrastructure projects.
The latest JETCO program also calls for closer cooperation in offshore wind, grid modernization, smart grids and microgrids, while the two countries will explore possible cooperation in civil nuclear energy.
The UK government said the framework provides a new route for priority Philippine infrastructure projects to access UK expertise, goods, services and financing.
The Philippines and Britain are also pursuing deeper cooperation in agriculture, technology and economic development as both sides seek to expand trade and investment ties.
