The country’s finance chief has urged Japanese banks to invest in the Philippines’ infrastructure projects in a recent meeting held in Morocco.
In a statement yesterday, the Department of Finance (DOF) said the banks expressed strong interest in advancing investments in the Philippines’ renewable energy (RE), sustainable technology, infrastructure and fixed-income instruments.
Finance Secretary Benjamin Diokno shared with representatives from the Japan Bank for International Cooperation, Mizuho Securities and Nomura Holdings the Philippines’ renewed focus on a just transition to RE, opportunities for public-private partnership and investments in the country’s infrastructure flagship projects and growing market for bonds and sustainable finance instruments.
Meanwhile, in a separate statement, the DOF said Diokno also met with multinational banks Citi, HSBC and Bank of America while in Morocco, where he shared updates on the Philippines’ growth outlook, strong macroeconomic fundamentals and roadmap to enhance ease of doing business.
Michael Ellam, HSBC co-head of institutional client group and global head of public sector banking, reaffirmed their long-standing partnership with the Philippines and talked about exploring more investments in sustainable infrastructure, energy transition and nature-based solutions.
He also shared that Pentagreen Capital, a joint venture between HSBC and Temasek, signed its very first project financing for solar power projects in Luzon.
Jay Collins, Citigroup vice chairman of banking capital markets and advisory, lauded the country’s thrust for increased digitalization in retail payments and public financial management.
James Quigley, Bank of America executive vice chairman of international corporate and investment banking, shared their view that the Philippines’ growth prospects will remain strong in the long term, despite a challenging external environment beset by geopolitical conflict. – Angela Celis
