DOF, JBIC renew energy, infrastructure partnership
The Department of Finance (DOF) and the Japan Bank for International Cooperation (JBIC) have renewed their strategic partnership to support energy and infrastructure investments in the Philippines, including public-private partnership (PPP) projects.
Finance Secretary Frederick Go and JBIC Governor Amakawa Kazuhiko signed a memorandum of cooperation (MOC) on 22 October covering supply chain resilience, the clean energy transition, financial cooperation and the promotion of Japanese foreign direct investment in the country.
“Our renewed cooperation comes at an important time. For our economy to remain competitive, we need reliable energy, efficient infrastructure, and resilient supply chains. These are essential to managing business costs, attracting investment, and sustaining growth,” Go said.
JBIC is a Japanese state-owned financial institution established in 1999 that provides loans, guarantees and investments to support Japan’s overseas economic activities and international development.
Its longstanding partnership with the Philippine government includes financing for infrastructure and environmental projects, as well as access to Japanese capital markets through Samurai bond issuances. Cooperation has recently expanded to include the energy transition, infrastructure development and the promotion of Japanese investments in the Philippines.
The DOF said the agreement will remain in effect for three years and aims to strengthen coordination in support of the country’s infrastructure development programs.
Go cited the Luzon Economic Corridor (LEC), which seeks to improve connectivity among Subic, Clark and Batangas, as an opportunity to streamline the movement of goods, reduce logistics costs, attract investors and generate jobs.
The partnership will also support initiatives under the Asian Zero Emission Community (AZEC) to advance decarbonization projects and attract investments in cleaner energy.
Go said the partnerships were important in mobilizing the capital and expertise needed to turn development priorities into projects, citing JBIC’s ability to bring these resources together.
Amakawa said the signing of the MOC marked the first step toward deeper cooperation.
“I understand that our respective teams have already begun exploring specific opportunities in several promising areas. Building on this MOC, JBIC’s goal is to further strengthen its collaboration with the Department of Finance and public and private sectors in the Philippines,” Amakawa said.