Philippines signs deal for up to £5 billion funding from UK

MANILA — The Philippines has signed a partnership with the United Kingdom for up to £5 billion (approximately P419.9 billion) in funding for government projects.

In a statement, Finance Secretary Frederick Go said the funding will bring financing, expertise, and partnership “to projects that matter to the Filipino people.”

“Ultimately, this partnership must translate into jobs, stronger businesses, better infrastructure, and broader opportunities for Filipinos,” Go said.

UK Trade Minister Lord Anas Sarwar, meanwhile, said this will bring jobs and growth to both the Philippines and the UK.

“This…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,” he said.

The two countries will now identify projects that will be funded by the partnership.

The UK, which is a member of the Luzon Economic Corridor, can bring technical expertise and private investment to improve connectivity, energy systems, digital infrastructure, and advanced manufacturing supply chains in Luzon.