NextGen Day

The United Kingdom (UK) is considering investing its £8 billion British Investment Partnerships (BIP) fund in infrastructure and green energy projects in the Philippines.

The BIP was officially inaugurated in the Philippines on Thursday at The Peninsula Manila in Makati City by UK Minister for the Indo-Pacific Anne-Marie Trevelyan.

The BIP raises money from the British private sector and offers technical assistance to encourage the development of sustainable infrastructure and the switch to renewable energy in the Philippines.

“We will support the construction of high-quality, sustainable infrastructure through British Investment Partnerships to expedite the switch to clean energy and secure a prosperous and resilient future for the Philippines,” Trevelyan added.

The £8 billion fund from the BIP, according to British Ambassador to the Philippines Laure Beaufils, was only made public in the Philippines today. The UK introduced it last year.

Despite only being introduced this year, the BIP has already provided funding for a $25 million solar project on Negros Island.

The projects that the UK firms will be interested in participating in will determine the Philippines’ share of the £8 billion BIP fund, according to Beaufils.

“We have development finance institutes that will be identifying, and they will then carry out their due diligence. This is not (the) British government that will be choosing… The British envoy told reporters outside the event, “We’re particularly keen to encourage individuals to present projects and ideas to us because the more there is a healthy pipeline, the more money will be invested in the Philippines.

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