Japanese firms eyeing energy investments

Manila Bulletin

By MYRNA M. VELASCO

June 3, 2011, 1:53am

 MANILA, Philippines — Despite the calamities which recently struck them, many Japanese companies are still enthusiastically looking at the Philippines for investments, including those offered by the energy sector.

Philippine Ambassador to Japan Manuel M. Lopez said “they (Japanese companies) are very bullish about the Philippines. A number of them are looking at PPP (public-private sector partnership) projects. You can tell that they are very gung-ho about the Philippines.”

Companies like Hitachi and Mitsui, he added, are among those which have been signifying interests to expand their operations in the country.

Lopez further indicated that while the Philippine government has been helping Japan for possible relocation of their disaster-affected citizens here, with Davao as a potential site, the embassy in Tokyo is also eagerly working “on drumming up more business opportunities between Japan and the Philippines. They are continuously exploring for opportunities, energy investments are among those.”

While he cannot enumerate all of the ventures being keenly surveyed by the Japanese companies, he has noted that some of them are also interested “to team up with Meralco (Manila Electric Company) for projects in power.”

The Lopez family still owns 6.7-percent in Meralco, and it is an asset which they are reportedly ardent on holding on to, to keep the legacy of their father, visionary industrialist Eugenio Lopez Sr.

But as part of his function as an envoy, Lopez noted that promoting the country for investments is one major aspect of his job and it cannot be avoided that he also comes into contact with prospective investors who are interested in Meralco.

From being one of the country’s corporate magnates, Lopez sees his job promoting the Philippines as a “challenge”; yet something that he enjoys doing.

In fact, he has aspirations of propping the country’s image by highlighting the exceptional achievements of Filipino individuals so the stigma being attached to it can be transformed in time.

The economic slump that Japan would experience as an after-effect of the recent disasters, he viewed, may just be a temporary setback.

“They (Japanese firms) are very cautious about their investment plans for now because they are also having a recession. But for sure, they will continue to consider the Philippines for their investments,” he stressed.