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PIA Press Release

Feature: New Japanese investments in RP

By Rose B. Palacio

Manila (24 May) -- New Japanese investments are coming into the country as the President described it as "growing investors' confidence in the country" and a testimony of the positive investment environment in the Philippines.

Presidents of two of Japan's biggest corporations: the Tokyo Electric Power Company (TEPCO) Incorporated and Marubeni Corporation, reaffirmed their confidence in the Philippine economy during their courtesy call recently in Malacanang.

Energy Secretary Raphael Lotilla said two Japanese companies recently won the bid contract to acquire the local assets of Atlanta-based Mirant corporation, the biggest independent power generator in the country, for $3.424-billion.

The President welcomed the fresh Japanese investment as a proof of the revived investor confidence in the country's economic stability.

President Macapagal-Arroyo said the entry of the two big companies in the power sector would ensure the long-term operation and stability of power supply particularly in the Luzon grid.

Marubeni owns and operates the 345-MW San Roque Hydro Power Plant in San Manuel, Pangasinan, and the 100-MW Mt. Apo Geothermal Plant in Kidapawan, North Cotabato.

TEPCO became the newest player in the Philippine power industry and hopes to expand its presence locally in the near future, Secretary Lotilla said.

TEPCO is one of the largest private utility companies in the world. It owns two of 24 liquefied natural gas (LPG) terminals and 17 of 55 nuclear power reactors in Japan.

TEPCO's wealth of advanced technical know-how complements Marubine's extensive experience in power generation in the Philippines, so the country can expect to benefit from TEPCO-Marubeni's price competitiveness and reliability of power supply.

TEPCO-Marubeni will also assume and continue the operations of Mirant Foundation's works such as the Carbon Sink Initiative, rural electrification projects, and enhance its health services and livelihood training programs. (PIA) [top]

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