THE Japan Bank for International Cooperation (JBIC) is now in talks with several local firms for possible investments, which will help in the country’s efforts towards energy security.
During his meeting with President Ferdinand R. Marcos Jr. in Malacañang last Wednesday, JBIC Chairman of the Board Tadashi Maeda disclosed they want to help the country transition from its traditional sources of power towards renewable sources of energy.
To address this, he said they want to increase the availability of hydropower as well as solar and wind energy in the country.
JBIC is already exploring partnerships with several Philippine companies including Aboitiz, Metro Pacific Investments Corporation, and San Miguel Corporation for the projects.
“We have the potential…between Japan and the Philippines to work together. For example, 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,” Maeda said.
JBIC is a financial institution owned by the Japanese government, which supplements the financial transactions implemented by private financial institutions.
Maeda said they may come out with more strategic cooperation with local corporations once they get details on the country’s other targeted projects.
Marcos said the country will be able to initiate more crucial projects once the Maharlika Investment Fund (MIF) is finally created.
“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’s participation in projects that, mostly, will really be in the Philippines,” Marcos said during his meeting with Maeda.
The legislation creating the MIF is now close to being signed into law after it was passed by the bicameral conference committee of Congress last Wednesday.
Last February, Marcos said at least three Japanese firms have already expressed their interest in investing in the MIF.