Japanese financial institution interested in Maharlika fund —Palace

Malacañang on Thursday said a Japanese financial institution has expressed interest in the proposed Maharlika Investment Fund (MIF).

According to the Presidential Communications Office, Japan Bank for International Cooperation (JBIC) chairman of the board Tadashi Maeda paid a courtesy call on President Ferdinand "Bongbong" Marcos Jr. on Wednesday wherein the former also expressed interest in making partnership with the Philippines when it comes to the energy sector.

Maeda congratulated the Philippine government for the approval of Maharlika Investment Fund bill by both chambers of Congress.

Marcos told the Japanese official that this is the kind of investment that the country needs.

"It’s so that we, the Philippines, can participate in what would be, what is regarded, of course, as an investment for us. It is a necessary infrastructure that we are investing in,” Marcos said.

“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, it will really be in the Philippines," he added.

The MIF seeks to establish a sovereign wealth fund by tapping state assets. During the bicameral conference committee meeting Wednesday, the House of Representatives adopted the Senate version of the bill.

Marcos first met with Maeda during his official visit to Japan in February of this year.

Meanwhile, the Palace said Maeda is also interested in helping address the role of liquified natural gas as a traditional source of power in the Philippines as well as the need to bring in other energy sources such as hydropower, solar, and wind.

"We have the potential… between Japan and the Philippines to work together," he said.

"For example, I already had a meeting with Aboitiz Chairman Sabin and I proposed to him to have an MOU… and to Metro Pacific, and also to San Miguel," he added.

According to Maeda, there is a need to identify the specific project and determine how to switch to more efficient energy, as well as the development of new technology such as hydrogen.

Further, Maeda said the JBIC wants to know more details about the country’s targeted projects, and those still in the pipeline "so it could make more tangible, specific proposals to upgrade the value of the strategic cooperation."

The JBIC is a policy-based financial institution wholly-owned by the Japanese government, with a role of contributing to the sound development of Japan, the international economy, and society, covering various fields. —Anna Felicia Bajo/KBK, GMA Integrated News