President Ferdinand Marcos Jr., who is yet to sign the MIF bill, said that JBIC chairman of the board Tadashi Maeda, during a courtesy call at the Malacañang on Wednesday, May 31, 2023, told him that he wanted to know more about the country’s “potential and targeted projects” under the MIF in order for them to make more “tangible and specific proposals to upgrade the value of the strategic cooperation.”
“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,” he 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, will really be in the Philippines,” Marcos added.
The financial institution also sought partnership with Philippine companies for energy development, particularly in addressing the role of liquefied natural gas (LNG) as a traditional source of power in the country and the need to bring in other energy sources such as hydropower, solar, and wind.
Maeda said he already had a meeting with Sabin Aboitiz, president and CEO of the Aboitiz Group, as well as officials of Metro Pacific and San Miguel for possible partnership.
JBIC is a policy-based financial institution wholly-owned by the Japanese government, with a role of contributing to the sound development of Japan, the international economy, and society, covering various fields.
The bank’s main operational principle is to supplement the financial transactions implemented by private financial institutions.
Marcos met Maeda in Tokyo during his official visit to Japan in February.
The House of Representatives and the Senate approved on Wednesday, May 31, the upper chamber’s version of the MIF bill.
It will be transmitted to Marcos’ office for passage into law. (SunStar Philippines)