The United Kingdom (UK) government launched its British Investment Partnerships (BIP) to finance sustainable development in the Philippines, the Department of Finance (DOF) said. ManilaBulletin
“Today’s event is a major win not only in the Philippines’ development journey, but in the realm of development finance as a whole,” Finance Secretary Benjamin E. Diokno said in his remarks during a launching ceremony.
The UK intends to mobilize up to £8 billion of financing a year by 2025, including from the private sector. Investments will focus on high-impact target areas such as green infrastructure, clean technology, and climate finance. According to Diokno, investments in infrastructure have the highest impact on the economy as it creates more quality and green jobs, encourages more businesses to open, and improves the ease of doing business.
The current administration is determined to build on the previous administration’s infrastructure push and maintain high infrastructure spending at 5 to 6 percent of GDP from 2023 to 2028.
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