UK and Philippines finalize £5 billion infrastructure financing framework

The United Kingdom and the Philippines have finalized a government-to-government financing framework providing up to £5 billion in UK Export Finance (UKEF) capacity for eligible infrastructure and public projects in the Philippines. The agreement was signed by UK Minister of State for Trade Anas Sarwar and Philippine Finance Secretary Frederick Go during Sarwar’s visit to Manila.

The framework aims to support strategic projects aligned with Philippine development priorities, including renewable energy, energy transition, sustainable transport, water and sanitation, aviation, and digital infrastructure. Under the Joint Economic and Trade Committee (JETCO) work plan, the two nations will also cooperate on offshore wind, grid modernization, and potentially civil nuclear energy.

The British Chamber of Commerce Philippines (BCCP) welcomed the development, noting that energy sectors are likely to be primary beneficiaries. The agreement follows the second JETCO ministerial meeting and coincides with the fifth anniversary of the UK-ASEAN Dialogue Partnership, marking a significant diplomatic and economic milestone in the 80-year bilateral relationship.