UK and Philippines agree government infrastructure partnership
Partnership creates a new route for priority Philippine infrastructure projects to access UK expertise and up to £5 billion in UK Export Finance support.
Today, the United Kingdom and the Philippines have finalised a government-to-government (G2G) Partnership to strengthen bilateral trade cooperation on infrastructure.
The Partnership, signed on 23 September by UK Trade Minister Lord Sarwar and Philippine Finance Secretary Federick Go, marks a major step in the two countries’ long-term economic cooperation. It will mean that priority Philippine government infrastructure projects can be considered for support from UK Export Finance, the UK’s export credit agency.
This innovative Partnership is designed to widen opportunities for the Philippines to draw on competitive UK-backed finance - UK Export Finance currently has up to £5 billion of capacity available for eligible projects in the Philippines - and utilise the best of British expertise, goods and services, driving growth for both countries.
The Partnership will help connect the Philippines with UK expertise in sectors including transport, clean energy, healthcare, water, digital infrastructure and advanced technology, supporting growth and innovation in both economies. It also puts the UK Government’s recently published Government-to-Government Strategy into action by creating a route for cooperation on project development, financing and delivery. As the Philippines invests in national infrastructure, UK businesses with world-leading capabilities are well placed to engage in priority projects.
This is the UK’s Modern Industrial Strategy taking flight: expanding government-to-government commercial partnerships, deepening international cooperation and opening new opportunities for UK businesses in growth-driving sectors.
Minister of State for Trade, Anas Sarwar, said:
“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.
“This G2G is a route for the Philippines to access UK expertise, goods, services and financing; and for British businesses to partner with the Philippines and participate in future projects.”
His Majesty’s Trade Commissioner for Asia Pacific, Martin Kent, said:
“This partnership reflects the strength of the UK-Philippines relationship and our shared ambition to deliver high-quality, sustainable infrastructure.
“It will create new opportunities for the Philippines to access world-class UK infrastructure. I look forward seeing the innovation and growth this will deliver for both our countries.”