THE United Kingdom (UK) is eyeing viable green-energy and infrastructure projects where the British Investment Partnerships’ (BIP) £8-billion fund can be placed.
This, as Minister for Indo-Pacific Anne-Marie Trevelyan led the launch of the BIP in the Philippines on March 30.
The BIP mobilizes funding from the British private sector, while also sharing technical expertise to support the country’s sustainable infrastructure development and its shift to clean energy.
“The Philippines is an economic and environmental powerhouse, which stands on the frontline of climate change and other global challenges,” Trevelyan said. “Through [BIP, we will support local development of high-quality, sustainable infrastructure to accelerate the transition to clean energy while securing] a prosperous and resilient future.”
According to Ambassador Laure Beaufils, the UK activated the BIP’s £8-billion fund in 2022, and was only launched in the Philippines last Thursday.
Although formally introduced in the country this year, Beaufils disclosed that the BIP has already backed a $25-million solar project in Negros Island, by way of the UK’s “Mobilist” program.
The British envoy said the Philippines’s share in the billion-pound BIP fund will rely on the projects where UK companies will be keen in placing their monies.
“This is not [the] British government that will be choosing, and we have development-finance institutes that will be identifying [initiatives]…They will do their due diligence…” she told reporters. “So we’re really [interested on encouraging] people to put projects and ideas to us, because the more there is a robust pipeline, the more money will be invested in the Philippines.”
ASIDE from the above, the minister was scheduled to hold talks covering UK-Philippines cooperation on maritime security, trade and investment, as well as climate and environment. She is also to attend an event promoting women’s rights, while highlighting the launch of UK’s first “Women and Girls Strategy” this month.
Based on a statement from the British Embassy, the minister was also to come to the headquarters of the Philippine Coast Guard to join a tour inside a coast-guard vessel and Manila Bay, then discuss enhanced UK-Philippines cooperation on maritime security and marine conservation.
While in Manila, Trevelyan met with Secretary of Foreign Affairs Enrique A. Manalo, as well as defense, finance and environment ministers. Talks were expected to focus on defense, trade and climate links, plus the shared ambition to upgrade the UK-Philippines Enhanced Partnership.
Finally, the minister was set to attend an event hosted by the British Embassy-Manila to mark International Women’s Month, where she will outline the UK’s commitment to place the rights of women and girls at the heart of its foreign policy. She will meet women-leaders from government, business and civil society who pioneer change in their sectors.
Her visit comes after the publication of the Integrated Review Refresh, which reaffirmed the UK’s commitment to enduring partnerships in the Indo-Pacific. With a report from Kris Crismundo/PNA
Image credits: PNA