UK seeking out ‘bankable’ projects within Luzon Economic Corridor

THE UK is studying its potential role in helping develop the Luzon Economic Corridor, with a focus on identifying “bankable” projects, the Department of Finance said.

“The UK has expressed keen interest in supporting the development of the Luzon Economic Corridor,” Finance Undersecretary Joven Z. Balbosa said at the UK-Philippines Growth & Investment Partnerships relaunch event on Monday.

“Together with like-minded partners, we are strengthening coordination and strategic investments across the Subic-Clark-Manila-Batangas corridor,” he added.

He noted that the British embassy hosted the Luzon Economic Corridor mapping workshop in November.

The Philippines and the UK are currently finalizing a government-to-government agreement which will, in part, identify priority projects for potential financing through the Joint Economic and Trade Committee  Infrastructure Central Working Group. 

“This disciplined, structured approach, aligning policy dialogue with project pipelines, ensures that cooperation translates into concrete bankable investments,” he added.

The UK was the Philippines’ top source of foreign direct investment in 2024, accounting for $9.4 billion.

“This reflects strong investor confidence in our macro-stability, reform momentum, and long-term prospects,” he said.

“Capital is flowing into sectors that directly strengthen our competitiveness. Among these are our own renewable energy, infrastructure, and banking,” he added.

He noted the $600 million commitment of London-based Actis to develop Terra Solar, which is being positioned as the country’s largest single-site solar power project.

On Monday, the UK and the Philippines launched the Growth and Investment Partnership, or GIP+.

“At its heart, GIP+ is a practical toolkit helping improve regulations, shape better projects, and bring in private investment,” UK Minister of State for the Indo-Pacific Seema Malhotra said.

The toolkit is designed to bring together UK-based instruments and institutions to support the end-to-end delivery of bankable infrastructure projects in the Philippines.

She said that the Philippines and the UK have been close and reliable partners for eight decades.

“Today, we take our cooperation further, with the UK joining the Philippines, US, Japan, and others in developing the Luzon Economic Corridor, a major effort to connect key cities with better transport, energy, and economic infrastructure,” she added. — Justine Irish D. Tabile