President Ferdinand Marcos Jr. is expected to bring home more than US$800 million worth of investment pledges in digital finance, energy, and logistics following his working visit to Singapore.
The Presidential Communications Office (PCO) said the President met on Sunday with executives of Vena Energy, a Singapore-headquartered renewable energy developer managing an 8.6-gigawatt (GW) portfolio of solar, wind, and hybrid projects across the Asia-Pacific region, including utility-scale operations in Pangasinan and Ilocos Norte.
In a social media statement, the PCO said Vena Energy plans to construct an additional 1.29 GW capacity backed by a P52-billion equity infusion over the next two years, building upon its 887 megawatts (MW) of operational capacity and 1.26 GW under construction.
“These developments directly align with the Philippines’ national targets of achieving a 35 percent renewable energy share in power generation by 2030 and 50 percent by 2040,” the PCO added.
Prior to that meeting, Marcos met with executives from Mitsubishi Corporation and Ayala Corporation to discuss Mitsubishi’s US$800 million planned investment in Ayala, which will increase its ownership stake from 4.7 percent to 15 percent.
The PCO noted that the transaction is projected to be among the Philippines’ largest foreign equity investments in recent years.
“During the meeting, both companies provided updates on agreements signed during the President’s State Visit to Tokyo in May, including the development of the country’s first Intelligent City in Makati and initiatives to expand digital finance through GCash,” the PCO said.
The PCO added that Marcos reaffirmed his administration’s commitment to supporting the ventures through policies designed to attract investors and streamline project rollouts, highlighting fiscal incentives under the CREATE MORE Act, green lane processing, and full foreign ownership in renewable energy.
Finance Energy Secretary Frederck Go said in an interview following the meetings that Mitsubishi’s investment will target industrial estates within the Luzon Economic Corridor because company leadership sees high potential to construct another industrial center.
“In case your viewers are not aware, one of the very first industrial estates in Laguna was built by Mitsubishi and Ayala way back many decades ago. So now the opportunity they saw then, they see it again now within the Luzon Economic Corridor because they really believe that, that it will be a catalyst for industrial development in the Philippines,” Go said.
Go said Vena Energy aims to build up to almost 4 gigawatts of renewable energy capacity nationwide while expanding its existing solar and wind installations.
Go noted that Vena Energy operates sites in Luzon and Samar, with several wind and solar projects currently under consideration in Mindanao.
“This is an example of a very serious foreign direct investor in the Philippines and with good experience in the Philippines and is able to execute. For example, the solar project that is in Luzon, they started it maybe nine months ago and they’re planning to inaugurate it already by January next year. So, it shows that there’s really a lot of investment coming into the Philippines and they’re able to execute,” Go also said.
Go explained that the primary benefits of the incoming investments center on domestic job creation and lowering consumer electricity costs.
Go added that energy investments remain vital as foreign companies prioritize the availability of clean power when selecting operational locations.
“A lot of the investors in the Philippines are looking for clean energy sources, meaning they want green energy sources. So solar and wind are exactly where, what they’re looking for. And, of course, once you’re able to build this whole ecosystem of infrastructure, lower power costs, and more jobs, all of these help the economy in general,” Go said.
Marcos also received executives from FedEx Corporation on Thursday to review the company’s local logistics network, which includes the Clark Gateway Hub in Pampanga and the Manila Gateway at Ninoy Aquino International Airport in Pasay City.
Go said FedEx currently operates 40 flights weekly from Clark and is constructing a new facility in Clark representing an investment of close to $100 million.
“So, they will put up that facility, and when that happens, there will be a lot more shipment, entrance shipment that will go through the Philippines. And that’s very important, because for our exporters, for example, that will add another dimension to their export logistics capabilities,” Go also said.
Go said the expanded hub is expected to increase flight frequencies and afford domestic exporters additional options for shipping goods while generating local employment.
Go stressed that the administration’s economic team remains committed to building domestic industries to generate quality jobs for citizens.
“We’re pushing very hard to build, advance manufacturing facilities within the Luzon Economic Corridor, for example, and all over the Philippines. We’re also trying to bring down energy costs by supporting renewable energy projects in particular. And we have come up with the most conducive environment now for investments to thrive, both foreign and local,” Go said.
“We support high-value domestic enterprises as well as foreign direct investors because we really want to bring all these quality jobs to the Philippines. And we want to build an ecosystem where industries can thrive, be competitive, and be world-class,” Go also said.
The President conducted a working visit to Singapore from October 7 to 11 aimed at strengthening bilateral relations and exploring cooperation in new sectors.
Marcos told Singapore-based newspaper The Straits Times in an interview that the two nations are exploring joint initiatives in healthcare, the digital economy, infrastructure, technology, and artificial intelligence, noting Singapore’s leadership in AI and digitalization.
During the trip, Marcos visited the Singapore Nuclear Research and Safety Institute to review nuclear technology applications and safety standards as the Philippines explores long-term energy security options.
Marcos also attended the Formula 1 Grand Prix, which ran from October 9 to 11, calling the timing a happy coincidence that permitted networking with attending global business executives.