Marcos welcomes Japanese firm's interest on PH energy devt

PRESIDENT Ferdinand Marcos Jr. welcomed the Japan Bank for International Cooperation's (JBIC) expression of interest to partner with Philippine companies for energy development and in the newly passed Maharlika Investment Fund (MIF). The Presidential Communications Office (PCO) said the Chief Executive met with JBIC Chairman of the Board Tadashi Maeda in Malacañang last Wednesday, May 31, and discussed the Japanese firm's interest in forging collaboration with local counterparts, particularly in further utilizing liquefied natural gas (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. Maeda told Marcos that JBIC had held initial talks with Aboitiz Power Chairman Sabin Aboitiz, Metro Pacific, and San Miguel Corporation for possible tie-ups in switching to more efficient energy sources, as well as developing new technology like hydrogen. In response, the President said such investments are what the country needs, one of the reasons the MIF was passed by Congress. "It's so that we, the Philippines, can participate in what would be, what is regarded, of course, as an investment for us. It is a necessary infrastructure that we are investing in," he was quoted as saying. "So, that is the plan for the sovereign fund. We now have to go and look at the design or the structuring of the fund. But it is basically seen as our government participation in projects that, mostly, will really be in the Philippines," he added. Maeda said the JBIC is looking to know more about the country's potential and targeted projects, as well as 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, with a role of 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.

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