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Manila Bulletin devider Philippines devider National devider Marcos welcomes Japan's help in PH's transition to renewable energy

Marcos welcomes Japan's help in PH's transition to renewable energy

Published Jul 12, 2023 01:15 am
As the country boosts its efforts toward energy security, President Ferdinand "Bongbong" Marcos Jr. welcomed the commitment of a Japanese financial services company to helping the Philippines bridge its transition from fossil fuel to renewable energy.
*President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)*

Marcos said this during the courtesy visit of Mitsubishi UFJ Financial Group Inc. (MUFG) Chairman Mike Kanetsugu in Malacañang on Tuesday, July 11. During their meeting, the President said he welcomed MUFG's commitment as he emphasized that the Philippines is balancing the importance of both renewables and fossil fuels. "We are also very conscious of our situation in the Philippines, wherein we are very sensitive to climate change. It is very important that we play also a part to move the balance of renewables and fossil fuels more and more in favor of renewables," Marcos said. For his part, Kanetsugu told President Marcos that energy transition is "a very important agenda" in the Philippines as he applauded the country's tremendous growth over the past 30 years in terms of energy and infrastructure transitions. "Energy transition is a very, very important agenda I consider for this country," he said. "We are providing with financing, and we work for various transition projects that will contribute to the successful transition of energy structure [in the Philippines]," he added. MUFG is a Japan-based bank holding and financing service company that acquired a 20-percent stake in Security Bank Corporation for P36.9 billion in 2016. According to the Presidential Communications Office (PCO), Development Bank of the Philippines (DBP) officials led by President and Chief Executive Officer Michael De Jesus and Senior Vice President Ronaldo Tepora were also present during the courtesy visit. It added that officials from the Security Bank Corporation led by its Interim Chairman Cirilo Noel also attended the courtesy call with its Executive Vice President and Director Juichi Umeno and Director Maria Cristina Tingson. In its efforts to support investment in the Philippines, MUFG partnered with Security Bank and entered into a Memorandum of Understanding with the Board of Investments in 2018 to connect local Filipino businesses to Japanese investors through business matching activities. The company also launched the Interbank Fund Management Service (IBFM) in 2017, which allowed customers to send cost-free remittances, and donated P44 million to the Association of Filipino Students in Japan along with the Security Bank to support the education of the students affected by the COVID-19 pandemic. The PCO said MUFG has been providing bank guarantee requirements to the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH) in support of its infrastructure projects, such as the North-South Commuter Railway (NSCR) Project and the Metro Manila Subway Project. The Japan International Cooperation Agency (JICA) funds the two projects. MUFG is also working on trade transactions of government agencies, such as the construction of the 54.6-kilometer Blumentritt-Calamba Section of the NSCR and the 36-kilometer Metro Manila Subway line project.

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Bongbong Marcos PH-Japan renewable energy Mitsubishi UFJ Financial Group Inc. (MUFG) President Marcos
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