Marcos wants stronger ties with Japan in renewable energy

President Ferdinand "Bongbong" Marcos Jr. is eyeing to have a stronger relationship with the Japanese government in the field of renewable energy.

Marcos said this during the inauguration of the 24.9-megawatt Lake Mainit Hydroelectric Power Plant in Jabonga, Agusan del Norte on Wednesday.

The Philippine government partnered with Japanese firm J-Power Group and the Markham Resources Corporation to ensure the operation of a hydroelectric power plant in the province.

"I look forward certainly to greater cooperation, stronger bilateral relations between Philippines and Japan especially in the field of renewable energy," Marcos said in his speech.

"I continue to be hopeful that we will come up with more projects that will make use of renewable resources and contribute to our ongoing efforts in solving our energy problems," he added.

The President said the project aims to help in reducing carbon footprint and improving air quality as hydroelectric power produces very low or zero carbon emissions during electricity generation.

He said the project could serve more or less 45,000 households and it is also seen to generate socioeconomic opportunities for the residents of Agusan del Norte and the rest of Mindanao region.

"The development of this hydro power site is a defining step towards our goal of securing much needed power for the people of Agusan del Norte and its neighboring areas by taking advantage of its water sources," Marcos said.

Marcos called on the local government to provide all the necessary assistance to ensure the efficiency and productivity of the said project.

From fossil fuel to renewable energy

Meanwhile, the Philippine government also obtained the commitment of Japan's Mitsubishi UFJ Financial Group Inc. (MUFG) in the country’s transition from the use of fossil fuel to renewable energy.

On Tuesday, MUFG chairman Mike Kanetsugu paid a courtesy visit on the President.

Kanetsugu told Marcos that energy transition is a very important agenda in the Philippines as he also lauded the country’s development in the past 30 years when it comes to energy and infrastructure transitions.

“Energy transition is a very, very important agenda I consider for this country. We are providing with financing, and we work for various transition projects that will contribute to successful transition of energy structure [in the Philippines],” Kanetsugu said in a press release issued by the Presidential Communications Office.

According to the PCO, the MUFG is a Japan-based bank holding and financing service company that acquired 20% stake in Security Bank Corporation for P36.9 billion in 2016. —KG, GMA Integrated News