Renewable energy
GOVERNMENT authorities, time and again, have underscored the urgent need for impoverished Philippines’ transition from fossil fuel to renewable energy (RE).
And everybody agrees that energy transition is a very, very important agenda in this Southeast Asian country, which is largely dependent on imported fossil fuels.
In fact, the Philippine power sector is expected to increase use of coal-based plants to meet future energy demand.
We, thus, join President Marcos in welcoming the commitment of a Japan-based company to assist the government in its transition from fossil fuels to renewable energy.
Last Tuesday, July 11, Mike Kanetsugu, chair of the Mitsubishi UFJ Financial Group, Inc. (MUFG), called on President Marcos at Malacanan to relay the “good news.”
At the same time, Chairman Kanetsugu also applauded the country’s “tremendous growth” over the past 30 years in terms of energy and infrastructures.
President Marcos, on the other hand, emphasized the importance of prioritizing renewable energy considering the country’s vulnerability to the effects of climate change.
Report said that the MUFG is a Japanese bank holding and financing service company that acquired 20 percent stake in Security Bank for P36.9 billion in 2016.
In its effort to support investments in the Philippines, the MUFG partnered with Security Bank and signed a memorandum of understanding with the Board of Investments in 2018.
This was to connect local Filipino businesses to Japanese investors through business matching activities.
Without doubt, the support of the Mitsubishi UFJ Financial Group, Inc. is seen to speed up the country’s transition from fossil fuels to renewable energy.
