The Philippines is anticipated to receive funding from the United Kingdom's £25-million initiative aimed at fostering economic growth within the Association of Southeast Asian Nations (ASEAN).

Alistair White, deputy head of mission at the UK Embassy, informed reporters during the launch of the Policy Reform, Innovation, and Streamlining Management e-learning platform that the Philippines is among the countries set to benefit from the ASEAN-UK Economic Integration Program (EIP), which will provide £25 million in support for regional growth initiatives.

“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 went on to add that the specific amount of funding for the Philippines has not yet been decided, as the two countries are still in the development and scoping phase of their cooperation, The Philippine Star reports.

The collaboration between the UK and the Philippines will concentrate on regulatory reform, financial services, and open trade.

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

White stated that a UK team is scheduled to visit the Philippines next month to discuss the planned interventions with ARTA.

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

Getting underway in April, the EIP aims to offer targeted support to ASEAN member states through technical assistance, capacity building, and knowledge-sharing to stimulate economic growth and overcome development challenges. 

The program will concentrate on supporting regulatory reforms to ease trade and economic activities, promoting open trade, and enhancing financial services to improve access for both citizens and businesses.

Furthermore, White added that the primary goal of the program is to create opportunities for growth and investment for both ASEAN countries and the UK.