Trade Minister Anas Sarwar has welcomed a new government-to-government financing partnership between the UK and the Philippines that could unlock up to £5 billion of UK Export Finance support for major infrastructure projects.
Sarwar met Philippine Finance Secretary Frederick Go in Manila to sign the framework, which is designed to help priority infrastructure projects in the Philippines draw on British finance, expertise, technology and supply chains.
He said:
“The UK is building modern trade relationships that deliver jobs and growth — both at home and abroad.”
Sarwar added that the agreement would allow the Philippines to draw on up to £5 billion in UK Export Finance capacity for eligible projects involving British businesses.
Infrastructure at heart of growing UK-Philippines relationship
The agreement follows the second UK-Philippines Joint Economic and Trade Committee meeting, held in Manila this week.
Both governments agreed a refreshed programme of cooperation covering infrastructure, energy, agriculture and economic development, with further work planned on areas including grid modernisation, civil nuclear energy, trade digitalisation and space.
The financing framework is intended to give the Philippines a clearer route to UK-backed finance for priority government infrastructure schemes, while opening opportunities for British firms to compete for contracts.
£5bn of UK Export Finance capacity
UK Export Finance currently has up to £5 billion of capacity available for eligible projects in the Philippines.
The facility can support projects that involve British goods and services, helping UK companies participate in transport, energy, infrastructure and other major developments.
The wider UK-Philippines partnership has already identified infrastructure and renewable energy as major areas for cooperation.
Trade relationship already worth £3.1bn
Total trade in goods and services between the UK and the Philippines was worth £3.1 billion in the four quarters to the end of the first quarter of 2026, including £1.3 billion of UK exports and £1.8 billion of imports.
The Philippines has also expressed support for deeper UK engagement with Southeast Asia and welcomed Britain’s completion of its accession to the CPTPP trading bloc.
Sarwar: modern trade deals should create jobs at home
Sarwar’s intervention reflects the Government’s wider effort to use trade policy not simply to increase exports but to support domestic jobs and industrial growth.
As Trade Minister, he is responsible for trade strategy, free trade agreements, export promotion, economic resilience and UK Export Finance.
The Government’s new government-to-government strategy explicitly aims to use international partnerships to generate sustained growth in priority industrial sectors and create opportunities for British firms.
British firms set to benefit
The practical test will now be turning the framework into a pipeline of projects that British companies can help finance, design and deliver.
For Sarwar, the agreement is an example of the kind of modern trade relationship Labour wants to build — using British finance and expertise to support infrastructure overseas while creating export opportunities, investment and jobs back home.
