Philippines and UK sign £5bn UKEF infrastructure finance framework

The Philippines and the UK have signed a government-to-government financing framework that opens a route for up to £5bn of UK Export Finance support to be considered for priority Philippine infrastructure projects.

The arrangement was signed on 23 September by Philippine Finance Secretary Frederick D. Go, UK Minister of State for Trade Anas Sarwar and UK Ambassador to the Philippines Sarah Hulton. It formalises a framework developed through the two countries’ Joint Economic and Trade Committee.

The £5bn figure represents UKEF’s available capacity for eligible Philippine projects rather than a committed £5bn loan or immediate disbursement. The framework enables individual projects to be considered for export-credit support as they are identified and developed. The UK government’s joint statement issued after bilateral trade talks on 22 September confirmed that UKEF had up to £5bn of capacity available for eligible projects in the country.

Potential sectors include energy transition, sustainable transport, water and sanitation, aviation and social infrastructure. Specific opportunities are expected to be developed through the JETCO Infrastructure Sectoral Working Group.

For UK suppliers, the agreement potentially creates a finance-backed route into large Philippine infrastructure programmes where export-credit support can help make procurement and funding packages more competitive. For the Philippines, it creates a formal mechanism through which eligible projects can access UK-backed financing alongside British goods, services and expertise.

The framework comes as the two countries broaden economic cooperation beyond conventional trade. The UK has also joined the Luzon Economic Corridor initiative, which covers areas including connectivity, energy systems, digital infrastructure and advanced-manufacturing supply chains.

The next stage will be the selection and development of viable projects. The framework itself therefore establishes financing capacity and a route to UKEF consideration, rather than confirming support for any individual infrastructure transaction.