Maeda told Marcos that JBIC was eyeing partnerships with Filipino firms for energy development.
Maeda said JBIC is interested in addressing the role of LNG as a traditional source of power and the need to bring in other energy sources such as hydropower, solar, and wind.
Maeda said there was a need to identify the specific project, determine how to switch to more efficient energy, and develop new technology like hydrogen.
Japan bank seeks partners in PH energy development
Jun 1, 2023 01:46 AM
At a glance
The Japan Bank for International Cooperation (JBIC) has expressed its interest in energy tie-ups in the Philippines, particularly in the use of liquefied natural gas (LNG) as a traditional source of power, the Presidental Communications Office (PCO) said.
ENERGY COOPERATION - Japan Bank for International Cooperation (JBIC) officials express intention to work with Philippine firms for energy development during their courtesy call on President Marcos in Malacañang on May 31, 2023. (RTVM Screenshot)
Communications Secretary Cheloy Garafil said this after JBIC Chairman of the Board Maeda Tadashi paid a courtesy call to President Marcos on Wednesday, May 31.
In a statement, Garafil said Maeda told Marcos that the company was seeking partnerships with Philippine companies for energy development.
In particular, Maeda said they are interested in addressing the role of LNG as a traditional source of power in the Philippines and the need to bring in other energy sources such as hydropower, solar, and wind.
“We have the potential…between Japan and the Philippines to work together,” he said.
“I already had a meeting with Aboitiz Chairman Sabin, and I proposed to him to have an MOU (memorandum of understanding)… and to Metro Pacific, and also to San Miguel,” he added.
Maeda said there was also a need to identify the specific project, determine how to switch to more efficient energy, and develop new technology like hydrogen.
Meanwhile, the Japanese bank official said the JBIC also wanted to know more details about the country’s potential, targeted projects, and those still in the pipeline so it could make more tangible, specific proposals to upgrade the value of the strategic cooperation.
JBIC is a policy-based financial institution wholly owned by the Japanese government, contributing to the sound development of Japan, the international economy, and society, covering various fields.
The bank’s main operational principle is to supplement the financial transactions implemented by private financial institutions.
The President met Maeda in Tokyo during his official visit to Japan in February this year.