Sun Life eyes P2-B investment in power projects

ABS-CBN News

Posted at Jul 15 2015 04:42 PM | Updated as of Jul 16 2015 12:42 AM

MANILA - Sun Life Financial Philippines is planning to invest an initial amount of P2 billion in the country's power industry.

Sun Life president and chief executive Riza Mantaring said talks are ongoing on plans to take on power projects with various partners.

“Talks are still ongoing, our investment team continues to liaise with various parties that try to make it happen. In fact, we have somebody from our global office coming here to help us with assessing and building up the capability in investing in other asset classes,” Mantaring said.

"We’re looking at power projects because, globally, that’s really a specific competency of Sun Life, renewable energy and traditional. We have the expertise to be able to assess those investments,” she added.

Mantaring noted that the firm will not likely allocate a large chunk of its budget to investment in the initial stage.

“We don’t have a particular budget, but getting our feet wet, we can’t be too big right away. For our first attempts, we would probably allot P1.5 billion to P2 billion for our initial project,” she said.

Sun Life earlier expressed interest in participating in government’s Public-Private Partnership (PPP) program, saying it has about $2 billion to spend for infrastructure projects.

The firm earlier joined a consortium that joined the bidding for the Mactan Cebu airport project, but the group did not win the contract.