Japanese conglomerate Marubeni Corp. expressed interest in exploring more renewable energy projects in the Philippines, the Department of Trade and Industry (DTI) said Thursday.
Marubeni, which has been in the Philippines since 2019, is pursuing smart grid and floating solar projects in New Clark City, paving the way for a greener future. It is also exploring offshore wind power projects to harness the Philippines’ abundant renewable resources, the DTI said.
The conglomerate has played a key role in the San Roque Multipurpose Project, TeaM Energy Corp.’s thermal power plants, Shin Clark Power Holdings Inc.’s power distribution, Ingrid Power Holdings Inc.’s diesel-fired plants and Isabel Diesel Fired Power Project’s ancillary services to ensure reliable and efficient energy supply in the Philippines.
Recognizing the importance of environmental stewardship, it is spearheading a joint carbon credit program through afforestation, aiming to combat climate change and promote a healthier environment.
Marubeni also announced a comprehensive plan to invest in innovative and sustainable energy solutions across the country. The multi-faceted initiative will focus on expanding power generation capacity, fostering grid modernization and integrating renewable energy sources.
The DTI welcomed Marubeni’s interest to participate in emerging sectors that promise mutual benefits and pledged support to sustain a dynamic business ecosystem, conducive to foreign investors.
DTI Secretary Alfredo Pascual said recent policy reforms opened wider doors for foreign participation in key sectors including amendments to the Retail Trade Liberalization Act, Foreign Investments Act, Public Services Act and Renewable Energy Act.
He said the establishment of green lanes for strategic investments signifies the government’s dedication to enhance efficiency in processing investment applications.
“The Philippine administration continues to seek ways to make the business environment in the Philippines more conducive for foreign investments. Our commitment to foster a conducive business ecosystem is evident in recent policy reforms, opening wider doors for foreign participation in key sectors,” said Pascual.
“One with the entire Philippine government, we at the DTI stand ready to support Japanese companies like Marubeni through the more streamlined processes needed to navigate our investment landscape. We are confident that by working together, we can unlock even greater economic prosperity for both our countries,” he said.
Pascual, along with the other Cabinet secretaries, met with Marubeni senior executives from the infrastructure, global planning, next generation business development, finance, leasing and real estate divisions to discuss new and strategic investment opportunities within the country for Japanese companies.