Philippines to benefit from United Kingdom’s economic integration program

August 28, 2024 | 12:00am

MANILA, Philippines — The Philippines is expected to get funding from the United Kingdom’s £25-million program that seeks to support efforts to promote economic growth in the Association of Southeast Asian Nations (ASEAN).

UK Embassy deputy head of mission Alistair White told reporters on the sidelines of the launch of the Policy Reform, lnnovation and Streamlining Management e-learning platform yesterday, the Philippines is part of the countries that would benefit from the ASEAN-UK Economic Integration Program (EIP), which is making available £25 million worth of funding to support growth initiatives in the region.

“The Philippines will be part of that. And we’ll be developing partnerships and programs with the government of the Philippines over the next months and years as to that program,” he said.

He said the amount of funding for the Philippines has yet to be determined as the two countries are still in the development and scoping phase for the cooperation.

He said the cooperation between the UK and the Philippines will focus on regulatory reform, financial services and open trade.

The UK is working with government agencies such as the Anti-Red Tape Authority (ARTA), Department of Trade and Industry and Bangko Sentral ng Pilipinas for the program.

White said a team from the UK is set to visit the Philippines next month to discuss the intervention to be undertaken with the ARTA.

“By early 2025, we should be starting to see much better detail,” he said.

Launched last April, the EIP is designed to provide targeted support to ASEAN member states through technical assistance, capacity building and knowledge-sharing to foster economic growth and address development barriers.

EIP will focus on supporting regulatory reform to facilitate trade and economic activity, promote open trade and develop financial services to increase access for citizens and businesses.

White said the program’s overarching goal is to open opportunities for growth and investments both for ASEAN and the UK.