Phl may tap UK’s £4.5-B facility for infra spending

The Philippines may tap the United Kingdom's ?£4.5-billion export-import facility to beef up its war chest amid its massive public spending program, the Department of Finance (DOF) said Sunday.

In an emailed statement, the DOF said United Kingdom Secretary of State for International Trade Liam Fox informed Finance Secretary Carlos G. Dominguez that the Philippines may look into the UK's ?£4.5-billion export-import facility to finance the government's P8-trillion infrastructure program.

"We hope that you can tap this rather undertapped resource," Fox was quoted as saying to Dominguez.

For his part, Dominguez was said to have "welcomed" Fox's offer, noting that the government also plans to reform the country's tax system to generate more revenues for public spending.

The two officials met recently to discuss reversing the income inequality between Metro Manila and the countryside, as well as the government's comprehensive tax reform program.

The administration plans to spend some P8.2 trillion on the country's "golden age of infrastructure" over the next six years, with P860.7 billion allocated to largescale projects this year alone.

In the same meeting, Fox was also reported to have said that the UK is "keen on establishing its footprint" in the Philippines' services sector, and exporting education technologies.

"We have opportunities in life sciences, accounting, banking, the medical sector and education," he said.

To recall, British Ambassador to the Philippines Asif A. Ahmad last month said the UK continues to see "increasing waves" of investments from the Philippines following the UK's decision to leave the European Union.