PRESIDENT Ferdinand Marcos Jr. backed Mitsubishi Corporation’s planned $700-million investment in Ayala Corp. and renewable energy developer Vena Energy’s P52-billion expansion, which will add 1.29 gigawatts of clean energy capacity in the Philippines in the next two years.
Marcos met separately with executives of the two companies to discuss their investment plans during his visit to Singapore.
Mitsubishi intends to increase its stake in Ayala from 4.7 percent to 15 percent, while Vena Energy plans to expand its renewable energy portfolio in the country, the Presidential Communications Office said on Sunday.
During the meeting, the two companies also updated Marcos on agreements signed during his state visit to Tokyo in May, including plans for the country’s first Intelligent City initiative in Makati and partnerships to expand digital financial services through GCash.
The investment plans come as the Marcos administration seeks to attract foreign capital to support economic growth, infrastructure development and the country’s transition to cleaner energy.
The government has promoted fiscal incentives, streamlined investment approvals and greater foreign participation in renewable energy to encourage investments.
Marcos cited government measures intended to facilitate investments, including fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act, expedited project processing through the Green Lane program, and policies allowing full foreign ownership in renewable energy projects.
The government said these measures would help accelerate project implementation and align investments with national development priorities.
Meanwhile, Vena Energy, headquartered in Singapore, has an 8.6-gigawatt portfolio of solar, wind and hybrid energy projects across the Asia-Pacific region.
In the Philippines, its projects include utility-scale facilities in Pangasinan and Ilocos Norte. The company has 887 megawatts of operational capacity in the country and about 1.26 gigawatts under construction.
Its planned additional 1.29 gigawatts of capacity will be backed by the P52-billion equity infusion.
The expansion is expected to contribute to the country’s renewable energy targets of sourcing 35 percent of power generation from renewable sources by 2030 and 50 percent by 2040.
The meetings highlight the administration’s efforts to attract foreign capital into key sectors, including digital finance and renewable energy, as the Philippines pursues its investment and energy-transition goals.
