Japan bank ‘interested’ in Maharlika Fund

MANILA, Philippines — The Japan Bank for International Cooperation (JBIC) has “expressed interest” in the proposed Maharlika Investment Fund (MIF) and is eyeing energy development tie-ups with local firms, Malacañang said yesterday.

The MIF and energy partnerships were discussed during a courtesy call of JBIC chairman of the board Tadashi Maeda on President Marcos at Malacañang on Wednesday.

The meeting was held on the same day Congress approved a bill establishing the investment fund, which is envisioned to become a vehicle for the government to invest in various outlets such as real estate, infrastructure, bonds and foreign currencies.

“The Japan Bank for International Cooperation is seeking partnerships with Philippine companies for energy development and has also expressed interest in the newly passed Maharlika Investment Fund,” Presidential Communications Secretary Cheloy Garafil said in a statement.

She said Maeda congratulated the Philippine government for the approval of the MIF measure by both houses of Congress.

Marcos told the JBIC official that the investment fund would be an instrument for the Philippine government to take part in various projects.

“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,” he added.

Garafil quoted Maeda as saying that the JBIC wants to know more details about the Philippines’ potential and targeted projects and those that are still in the pipeline “so it could make more tangible, specific proposals to upgrade the value of the strategic cooperation.”

Marcos and Maeda also talked about energy projects, with the JBIC official expressing interest in addressing the role of liquefied natural gas as a traditional source of power in the Philippines.

They also discussed the need to tap other energy sources for the country like hydropower, solar and wind.

“For example, I already had a meeting with Aboitiz chairman Sabin (Aboitiz) and I proposed to him to have an MOU (memorandum of understanding)… and to Metro Pacific, and also to San Miguel.”

The JBIC chair also cited the need to identify specific project and determine how to switch to more efficient energy as well as to develop new technology.

Marcos and Maeda also met during the President’s official visit to Japan last February.

JBIC is a policy-based financial institution wholly owned by the Japanese government that aims to contribute to the development of Japan, the international economy and society. In its website, the bank said it conducts lending, investment and guarantee operations while complementing the private sector financial institutions.