Japanese firm commits assistance to PH transition to renewable energy

MANILA. Officials of Mitsubishi UFJ Financial Group Inc. (MUFG), led by chairman Mike Kanetsugu, pay a courtesy visit on President Ferdinand R. Marcos Jr. on July 11, 2023. (Presidential Communications Office)
MANILA. Officials of Mitsubishi UFJ Financial Group Inc. (MUFG), led by chairman Mike Kanetsugu, pay a courtesy visit on President Ferdinand R. Marcos Jr. on July 11, 2023. (Presidential Communications Office)

A JAPANESE firm has committed to help the Philippines in its transition from fossil fuel to renewable energy.

Mitsubishi UFJ Financial Group Inc. (MUFG) chairman Mike Kanetsugu made the commitment as he paid a courtesy visit to President Ferdinand Marcos Jr. in Malacañang on Tuesday, July 11, 2023.

Kanetsugu said that energy transition is a very important agenda in the Philippines, as he lauded the country’s growth over the past 30 years in terms of the energy and infrastructure transitions.

“Energy transition is a very, very important agenda I consider for this country. We are providing with financing, and we work for various transition projects that will contribute to successful transition of energy structure [in the Philippines],” he said.

Marcos, for his part, expressed elation of the firm official’s commitment as he noted the “very sensitive” climate change situation in the country.

“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.

In 2016, the MUFG acquired a 20 percent stake in Security Bank Corporation worth P36.9 billion.

It also has an existing Memorandum of Understanding with the Board of Investments signed in 2018 to connect local Filipino businesses to Japanese investors through business matching activities.

In 2017, it launched the Interbank Fund Management Service (IBFM), which allowed customers to send cost-free remittances, and donated P44 million to the Association of the Filipino students in Japan along with the Security Bank to support the education of the students affected by the coronavirus pandemic.

It has also been providing bank guarantee requirements to 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, which are funded by the Japan International Cooperation Agency (Jica).

The 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. (SunStar Philippines)

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