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PBBM welcomes Japan’s help to bridge PH transition from fossil fuel to renewable energy

Malacañang Palace Logo

President Ferdinand R. Marcos Jr. welcomed on Tuesday the commitment of the Mitsubishi UFJ Financial Group Inc. (MUFG) to help the Philippine government in the country’s transition from fossil fuel to renewable energy.

In a courtesy visit of MUFG Chairman Mike Kanetsugu, President Marcos said he welcomed the commitment of the MUFG as he emphasized that the Philippines is balancing the importance of both the renewables and fossil fuels.

The President added the Philippine government is very sensitive to the 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.

Kanetsugu paid a courtesy visit to the President at the Malacañan Palace where he expressed his commitment to help the administration in connecting the transition of the Philippines from fossil fuel to renewable energy.

Development Bank of the Philippines (DBP) officials led by President and Chief Executive Officer Michael De Jesus and Senior Vice President Ronaldo Tepora were also present during the courtesy visit.

Officials from the Security Bank Corporation led by its Interim Chairman Cirilo Noel also attended the courtesy call along with its Executive Vice President and Director Juichi Umeno and Director Maria Cristina Tingson.

Kanetsugu told President Marcos that energy transition is a very important agenda in the Philippines as he applauded the country’s tremendous 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],” Kanetsugu said.

The MUFG is a Japan-based bank holding and financing service company that acquired 20 percent stake in Security Bank Corporation for Php 36.9 billion in 2016.

In its efforts to support investment in the Philippines, the MUFG partnered with Security Bank and entered into a Memorandum of Understanding with the Board of Investments in 2018 to connect local Filipino businesses to Japanese investors through business matching activities.

The company also launched the Interbank Fund Management Service (IBFM) in 2017, which allowed customers to send cost-free remittances, and donated Php44 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 COVID-19 pandemic.

The MUFG has 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.

The two projects are funded by the Japan International Cooperation Agency (JICA).

It 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. | PND

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