NextGen Day

The pledge of Mitsubishi UFJ Financial Group, Inc. (MUFG), a Japanese company, to support President Ferdinand R. Marcos Jr.’s administration in the Philippines’ switch from fossil fuel to renewable energy has been warmly received.

This came after MUFG chairperson Mike Kanetsugu informed Marcos of the company’s assistance for the country’s shift to renewable energy during a courtesy call at Malacaan Palace in Manila on Tuesday.

Given the Philippines’ susceptibility to climate change’s effects, the President underlined at the conference the need to prioritize renewable energy.

“We are also acutely aware of the fact that the Philippines is a country that is particularly vulnerable to climate change. He stated that we must contribute to shifting the energy equation in favor of renewables over fossil fuels, as quoted by the Presidential Communications Office in a news release on Wednesday.

Energy transformation is a top priority in the Philippines, according to Kanetsugu.

He also praised the nation’s enormous development in infrastructure and energy transitions during the last 30 years.

“I think that the energy transition is a very, very essential agenda item for this nation. We are offering financial support and working on numerous transition initiatives that will help the Philippines’ energy structure successfully change, according to Kanetsugu.

During the courtesy visit, representatives from the Development Bank of the Philippines, including senior vice president Ronaldo Tepora and president and chief executive officer Michael de Jesus, were also present.

The Security Bank Corp. representatives included directors Juichi Umeno and Maria Cristina Tingson and interim chairperson and executive vice president Cirilo Noel.

A 20 percent share in Security Bank was purchased by The MUFG, a Japanese bank holding and financing service firm, for PHP36.9 billion in 2016.

The MUFG collaborated with the Security Bank and the Board of Investments in 2018 to sign a memorandum of understanding to connect local Filipino businesses with Japanese investors through business matching activities as part of its support for investment in the Philippines.

The MUFG has been helping the Department of Transportation and Public Works and Highways with its infrastructure projects, including the Metro Manila Subway Project (MMSP) and the North-South Commuter Railway Project (NSCRP).

The Japan International Cooperation Agency is responsible for funding the two infrastructure projects.

Additionally, it is working on trade projects for government organizations, like the 36-km MMSP and the 54.6-km Blumentritt-Calamba part of the NSCRP.

The MUFG also gave PHP44 million to the Association of Filipino Students in Japan and the Security Bank to support the education of students affected by the coronavirus disease 2019 pandemic. In 2017, the MUFG also introduced the Interbank Fund Management Service, allowing customers to send free remittances.

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