MANILA — The state-owned Japan Bank for International Cooperation (JBIC) eyes partnerships with local firms for energy development, Malacañang said.
The interest for energy tie-ups was discussed during JBIC Chairman of the Board Tadashi Maeda's courtesy call with President Ferdinand Marcos Jr. in Malacañang on May 31, the President Communications Office said.
The areas of interest included liquified natural gas (LNG) as well other power sources like hydropower, solar and wind, Maeda said. There is a need to specify projects and determine how to switch to efficient energy, he added.
“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…and to Metro Pacific, and also to San Miguel," he said.
Maeda also congratulated the Philippines for Congress' approval of its first sovereign wealth fund.
Lawmakers on May 31 approved Senate Bill No. 2020, which would create the sovereign wealth fund. It will be sent to Marcos to be signed into law.
“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,” Marcos said.
“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, it will really be in the Philippines.”
Marcos earlier met Maeda in Tokyo during his visit in February.