PH, UK Ink £5-B Credit Line for Priority Projects

The Philippines has secured a £5-billion (approximately P419.9 billion) credit line from the United Kingdom (UK) to support programs and projects aimed at strengthening financial and trade cooperation between the two countries. In a statement on Wednesday, the Department of Finance (DOF) said the Philippine and British governments signed a government-to-government (G2G) partnership that will allow UK Export Finance (UKEF) to support priority projects identified by Manila. The agreement was signed by UK Trade Minister Lord Anas Sarwar, UK Ambassador Sarah Hulton OBE, and Finance Secretary Frederick Go. “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," he said. "Ultimately, this partnership must translate into jobs, stronger businesses, better infrastructure, and broader opportunities for Filipinos,” Go added.. For his part, Sarwar said the agreement would strengthen trade ties between the two countries while opening opportunities for British businesses 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," he said. "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,” Sarwar added. The DOF said the G2G partnership comes at an important time for the Philippines as it continues its transition to an upper-middle-income country (UMIC). Under the framework, the two governments will focus on identifying and advancing strategic and viable projects aligned with the Philippines' development agenda. The Philippines and the UK have already begun discussions on potential projects through the Infrastructure Sectoral Working Group (SWG) of Philippines-UK Joint Economic and Trade Committee (JETCO). Potential areas of cooperation include energy transition, sustainable transport, water and sanitation, aviation, and social infrastructure, among others. The DOF said the UK's membership in the Luzon Economic Corridor (LEC) would further allow the two countries to combine financing, technical expertise and private-sector investment to strengthen connectivity, energy systems, digital infrastructure and advanced manufacturing supply chains across Luzon.— MCG, GMA News