GSIS’s top executive plans to invest in ACEN at high yields.
Wick Veloso, president, and CEO of the Government Service Insurance System (GSIS), is certain that the state pension fund’s investment in the Energy Transition Mechanism (ETM) of ACEN will pay off handsomely.
In addition to enhancing GSIS programs and services that will ultimately benefit its members, Veloso stated on Monday that the collaboration with the Ayala-led ACEN will also benefit GSIS.
“Our top priority is to find ways to maintain and grow our funds so that we can continue to pay benefits to our more than 2.5 million members and pensioners as they become due, “Veloso said following the signing of a memorandum of understanding between GSIS and ACEN at the ACEN headquarters in Makati City.
In line with our corporate social duty, he continued, “We will completely support investments that prioritize optimal environmental, social, and governance elements or results.
In order to facilitate ACEN’s transition to Net Zero greenhouse gas emissions by 2050, 100% renewable production by 2025, and divestment from coal plants by 2040, GSIS’s contribution is anticipated to provide bridge finance.
GSIS was commended by ACEN President and CEO Eric Francia for giving the cash necessary to enable the organization reaches its objective.
“As the Ayala Group’s listed energy platform, we strive to be the biggest listed platform in Southeast Asia and aim to reach 20GW of renewable energy capacity by 2030, “said Francia.
According to Veloso, the collaboration is in keeping with the government’s appeal for funding for infrastructure projects and campaigns to boost renewable energy.
ETM is a 2.2 billion PHP project for the South Luzon Thermal Energy Corporation (SLTEC).
The 8.98 percent redeemable preferred shares of SLTEC that are backed by ACEN were purchased by the GSIS.
With the money, ACEN will be able to transform SLTEC from what it is today into a supplier of entirely sustainable energy.
With 4,000 MW of attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia, ACEN is listed as an energy platform of the Ayala Group. Its renewable contribution of 87 percent is among the highest in the area.
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