President Ferdinand R. Marcos Jr. acknowledges Mitsubishi UFJ Financial Group Inc.’s (MUFG) commitment to assist the government in transitioning from fossil fuel to renewable energy (RE).
MUFG Chairman Mike Kanetsugu met with Marcos Jr. in a courtesy visit to discuss the importance of striking a balance between fossil fuels and renewables.
Marcos Jr. expressed that having a balance is important as the country is vulnerable to climate change, saying “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.”
Kanetsugu said that he is impressed with the country’s growth in relation to infrastructure and energy transitions over the past 30 years
“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 the successful transition of energy structure [in the Philippines],” Kanetsugu said.
MUFG is a bank holding and financing service company in Japan that obtained a 20% stake in Security Bank Corporation amounting to Php 36.9 billion.
MUFG partnered with Security Bank in an effort to support investments in the country by signing a Memorandum of Understanding (MOU) with the Board of Investments in an attempt to connect local businesses with Japanese investors through business matching activities.
Marcos Jr., during the inauguration of the 24.9 megawatts (MW) Lake Mainit Hydro Power Plant in Jabonga, Agusan Del Norte, has called on the private sector to work hand-in-hand with the government in order to provide affordable, reliable, and clean energy.
“I call once again on our private sector partners to join us as we realize our goal of advancing affordable, reliable, and clean energy for the benefit of our people…We assure you that this government will continue to improve bureaucratic processes in the energy sector to make it easier for investors to come in,” Marcos Jr. said.
The Lake Mainit hydroelectric run-of-river power project will provide sustainable electricity to 45,000 homes.
