Marubeni vows to invest in more Philippines energy projects
By Alexis Romero – September 19, 2024 | 12:00am
from The Philippine Star
Marubeni president and chief executive officer (CEO) Masumi Kakinoki paid a courtesy call on Marcos last Tuesday at Malacañang, seven months after their meeting in Tokyo, which saw the company committing to increase renewable energy projects in the Philippines.
MANILA, Philippines — President Marcos has thanked Japanese firm Marubeni Corp. for trusting the Philippines and has expressed hope that the company would continue to pursue collaborations that would spur development.
Marubeni president and chief executive officer (CEO) Masumi Kakinoki paid a courtesy call on Marcos last Tuesday at Malacañang, seven months after their meeting in Tokyo, which saw the company committing to increase renewable energy projects in the Philippines.
Marcos cited Marubeni’s role in the Philippines’ development agenda, noting that the Japanese firm has been in the Philippines for over a hundred years. Kakinoki’s arrival in the country, the President added, is “like visiting relatives, visiting family.”
“We made some progress from February, the last time that we met where some of the issues were raised,” Marcos said during the courtesy call.
“I hope we can do more because that’s really a very important part of our development program. So welcome once again,” he added.
In a Facebook post, Marcos expressed gratitude for Marubeni’s investments that contribute to efforts to create jobs and to enhance services.
“I’d like to thank Mr. Masumi Kakinoki, president and CEO of Marubeni Corp., for their continued trust in the Philippines. Their significant investments in energy, water, infrastructure and manufacturing improve services for millions of Filipinos and generate jobs across the country,” Marcos said.
“With my administration’s full support, these partnerships will drive real progress toward our Bagong Pilipinas,” he added.
A post by Radio Television Malacañang said Marcos expressed hope for “continued collaboration” with Marubeni.
Responding to Marcos, Kakinoki said Marubeni and the Philippines are growing together.
“Thank you so much. I want to express my sincere gratitude for the Philippines. It’s such a huge opportunity to meet with you again… I’m very much excited to be here today,” he said.
Marubeni reaffirmed its partnership with the Philippines and committed to the country’s renewable energy, water, and transportation sectors during a meeting with the Marcos administration in Tokyo in February.
Kakinoki had told Marcos that in addition to the traditional generation system, Marubeni was very much committed to increasing renewable energy projects like mini hydro, solar, and wind. The Japanese firm operates in more than 60 countries.
Marubeni Corp. is one of the companies behind the Maynilad Water Holdings Co. Inc., a joint venture that manages Maynilad, the water and wastewater services provider for cities and municipalities that comprise the west zone of the Greater Metro Manila area.
Other companies behind the joint venture are Metro Pacific Investments Corp. and DMCI Holdings Inc.
