Visiting UK Minister for Indo-Pacific Anne-Marie Trevelyan, in collaboration with the UK Embassy in Manila, launched Thursday the British Investment Partnerships in the Philippines where Filipino companies may share in the estimated 8-billion-pound fund the UK will be putting out globally for infrastructure development projects.
“The Philippines is an economic and environmental powerhouse, which stands on the frontline of climate change and other global challenges.
Through British Investment Partnerships, we will support the development of high-quality, sustainable infrastructure to accelerate the transition to clean energy and secure a prosperous and resilient future for the Philippines,” Trevelyan said.
The UK minister is in the Philippines for a two-day tour on March 30 to 31 to engage the Philippine government on a number of initiatives in infrastructure development, trade and socio-economic collaborations.
The minister, in forum at the Peninsula Manila Hotel, said the initiative would mobilize high-quality, reliable investment and technical expertise to support sustainable infrastructure development and the transition to clean energy in the Philippines.
The UK government launched BIP in London in 2021 which funded the construction of a renewable power project in the Philippines—the $25-million solar project in the island of Negros.
BIP builds on the ongoing work of UK development finance institutions, which provide funding and expertise to support resilient growth in the Philippines.
This includes the UK’s Mobilist program, which is investing in green energy and other projects.
“We will be leveraging private sector finance through capital markets and raising funds from other sources that are not public finance to sure that we mobilize the entire ecosystem.
This will be raised if there are projects that need funding,” said UK Ambassador to the Philippines Laure Beautifies.