By Justine Irish D. Tabile, <\/b>Reporter<\/i><\/p>\n
THE PHILIPPINES and the UK are anticipated to finalize an export finance agreement within the next three months, affirmed the British ambassador, which includes a provision of approximately 5 billion pounds (P375 billion) for the Philippines.<\/p>\n
Ambassador Laure Beaufils stated late Wednesday that UK Export Finance will facilitate the involvement of British companies in infrastructure endeavors such as bridges, railways, offshore wind energy projects, and ports.<\/span><\/p>\n \u201cWe are optimistic that (the agreement) will occur within the next three months. We are quite hopeful,\u201d Ms. Beaufils mentioned to reporters.<\/p>\n \u201cIt primarily revolves around aiding British exports to the Philippines\u2026 (the financing) may be offered in the form of guarantees or support for a bank loan; it can adopt various formats to allow the Philippines to essentially purchase British products,\u201d she explained.<\/p>\n \u201cOur export finance proposition (necessitates that) only 20% of the project comprises British content. One can undertake a substantial project with merely 20% British content\u201d that can receive funding, she elaborated.<\/p>\n She described the Philippines’ interest in becoming part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a \u201cremarkable development.\u201d<\/p>\n \u201cWhat\u2019s more significant and intriguing for us is the potential of the Philippines joining the CPTPP, which could be a significant advancement because we regard it as the gold standard among trade agreements. I understand the Philippines has been exploring this as a possibility,\u201d she remarked.<\/span><\/p>\n \u201cFor us, that would be fantastic since the Philippines would then join that extensive network of trading partners adhering to the gold standard,\u201d she continued.<\/p>\n