Japan-led Mitsubishi UFJ Financial Group (MUFG) has expressed intent to support the government's ambitious infrastructure spending program, the Department of Finance (DOF) said Sunday.
In an emailed statement, the DOF said officials of MUFG led by Managing Executive Officer and CEO for Asia and Oceania Takayoshi Futae said they "want to work together" with the country's infrastructure spending and "will help further expand the development of the Philippines."
Finance Secretary Carlos G. Dominguez III and Futae met during the 50th Annual Meeting of the Asian Development Bank (ADB) earlier this month, along with other officials such as MUFG CEO and Head of Asia Yasutaka Suehiro, and Head of Financial Institutions Frederic Cabay.
The government plans to pour as much as P8.2 trillion to finance the country's infrastructure needs over the next six years, with P860.7 billion allocated for big-ticket projects this year alone.
"We also want to develop medium-sized companies by encouraging them to partner with equally sized Japanese companies for more inclusivity in our development," Dominguez told the Japanese officials.
Socioeconomic Planning Secretary Ernesto M. Pernia earlier said the Philippines and Japan have already agreed to implement at least three mega infrastructure rail projects.
Japan also in January pledged a total of ¥1 trillion worth of ODA and private sector investments, aimed at creating business opportunities in the Philippines over the next five years.
The MUFG already has a presence in the Philippines, after acquiring a 20-percent equity stake in Security Bank Corp. through its commercial banking unit Bank of Tokyo-Mitsubishi UFJ Ltd. —ALG, GMA News