THE office of the country’s investment czar on Thursday said the government is deepening its economic ties with the United Kingdom by expanding investor interest with tangible results.
The statement follows the meeting on Wednesday between Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick Go with officials of the UK Asean Business Council (UKABC), top British organizations and the British Embassy in Makati.
The UK delegation included UKABC chairman Lord Vaizey, senior representatives of AstraZeneca, KPMG, PricewaterhouseCoopers, Arup, OCS, and the Association of Chartered Certified Accountants (ACCA).
Joining Go were Trade Secretary Cristina Roque, Trade Undersecretary Ceferino Rodolfo, SAPIEA Undersecretary Joee Guilas, SAPIEA Assistant Secretary Kristine Joy Diaz-Teston, and other government officials.
Vaizey said the meeting was “very productive. The Philippine economy is doing extremely well. The UKABC looks forward to supporting the Philippines’ chairmanship of Asean in 2026.”
On Tuesday, Malaysian Prime Minister Anwar Ibrahim formally turned over the Asean chairmanship gavel to Philippine President Ferdinand Marcos Jr. at the closing ceremony of the 47th Asean Summit and Related Summits in Kuala Lumpur.
Speaking for the Department of Trade and Industry, Roque reaffirmed the Marcos administration’s commitment to sustaining investor confidence and fostering a business environment that enables innovation and long-term growth.
“The United Kingdom has been a steadfast partner in our pursuit of inclusive and sustainable growth. We aim to build on this confidence through deeper trade, investment, and policy collaboration that benefits both our nations,” Roque said.
Terra Solar Project
In 2024, the UK’s stature as the Philippines’ top investor was bolstered when London-based sustainable infrastructure funder Actis partnered with Meralco and its subsidiary, Solar Philippines New Energy Corp., for the Terra Solar Project — touted to be the world’s largest integrated renewables and energy storage project.
Actis — which is investing $600 million for a 40-percent stake in the P200 billion project — will contribute its wide experience in contracting, building and operating infrastructure assets to the undertaking.
The Terra Solar Project will operate in a 3,500-hectare area spanning several municipalities in Nueva Ecija and Bulacan.
It will combine 3.5 gigawatt peak (GWp) of solar photovoltaic (PV) capacity with 4.5 gigawatt hours (GWh) of battery energy storage system (BESS) for a 20-year, 850 megawatt (12-hour daily average) power supply agreement with Meralco.
The project will provide electricity to approximately 2.4 million households and avoid carbon emissions by some 3.6 million tons per year by displacing coal.
The UK is also the fourth largest investor in Asean, with $18.7 billion in foreign direct investments in 2024.
