UK eager to scale green investments into PH

MANILA – The United Kingdom is eager to increase investments into the Philippines, specifically on green transition and renewable energy.

Visiting UK Minister for the Indo-Pacific Seema Maholtra MP made the statement during the launch of the UK-Philippines Growth and Investment Partnerships Plus (UK-PH GIP+) in Taguig City Monday.

“The Philippines’ strong growth and dynamic economy make it a perfect match for British investment and technical expertise. We have already seen the huge success of Citicore Renewables, which is delivering clean energy for the Philippines backed by British investment,” she said, as quoted in a news release Tuesday.

“Through our Growth Investment Partnerships, we are deploying UK expertise, mobilizing capital, and leveraging partnerships to support sustainable growth that delivers real benefits for communities and businesses in both our countries.”

The GIP+ is the next phase of Manila and London’s joint initiative to foster long-term economic partnership, with an aim to promote deeper integration into global value chains while opening new markets and opportunities for UK businesses.

The UK Embassy in Manila on Tuesday said the GIP+ will bring together UK-backed instruments and institutions, including British International Investment (BII), UK Export Finance (UKEF), the Private Infrastructure Development Group (PIDG), and MOBILIST, alongside deployment of UK technical experts to support the end-end delivery of bankable infrastructure projects in the Philippine market.

UKEF Chief Executive Officer Tim Reid said the UKEF’s 5 billion British pound export financing will be made available to accelerate the Philippines' most ambitious national priorities —from world-class transport infrastructure to critical clean energy transitions.

The BII, MOBILIST, and PIDG, for their part, vowed to support the GIP+ by capital mobilization, de-risking market engagement, and developing a pipeline of bankable projects to unlock sustainable infrastructure investments, among others. (PNA)