Philippines secures up to £5B UK financing

The Philippines has secured access to up to £5 billion, or about P419.9 billion, in financing support from the United Kingdom for priority programs and projects under a new government-to-government (G2G) partnership, the Department of Finance (DOF) said.

In a Wednesday statement, the DOF said the agreement between the Philippines and the UK is intended to deepen financial and trade cooperation while providing a framework for the two countries to identify and advance strategic projects aligned with the Philippines’ development agenda.

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

The financing will be provided through UK Export Finance (UKEF), with potential areas of cooperation including energy transition, sustainable transport, water and sanitation, aviation and social infrastructure.

The two governments had already started discussions on potential projects through the Infrastructure Sectoral Working Group of the Philippines–UK Joint Economic and Trade Committee.

With the G2G framework now in place, the Philippines and the UK will focus on identifying projects that are both strategic and viable.

Sarwar said the arrangement would allow the Philippines to tap UK expertise, goods, services and financing while giving British companies opportunities to participate in future 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 signing also coincides with the 80th anniversary of diplomatic relations between the Philippines and the UK this year.