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Philippines and UK Inked MoU for Fintech and Green Finance Cooperation

Several Philippines agencies have signed a Memorandum of Understanding (MOU) with the British Embassy of Manila for the country’s participation in UK’s Prosperity Fund for the ASEAN Economic Reform Programme and ASEAN Low Carbon Energy Programme.

The MOU formalises the cooperation activities between the Philippines and the UK in the areas of capital market development, fintech development, green finance, and accounting standards.

The local agencies that signed the MoU were Bangko Sentral ng Pilipinas, the Department of Finance, Securities and Exchange Commission, and the Insurance Commission.

With the Finance Department in the lead and the other entities acting as co-lead agencies, they will collaborate with the British embassy through technical assistance and capacity-building programmes.

The UK Prosperity Fund is a £1.2 billion global fund aimed to support inclusive growth and poverty reduction in developing countries.

A part of this fund is allocated to the two ASEAN programs, involving the Philippines, Indonesia, Malaysia, Myanmar, Thailand, and Vietnam.

The ASEAN Economic Reform Programme aims to enhance the business environment and develop the financial markets in Southeast Asia.

Meanwhile the ASEAN Low Carbon Energy Programme aims to improve energy security and inclusive access to clean and reliable energy sources in the region.