By Brian Jules Campued
Australia-based global financial services company Macquarie Group Ltd. told President Ferdinand R. Marcos Jr. that it is keen on investing in renewable energy, value-added mining, and digitalization in the Philippines, Malacañang said Tuesday.
Macquarie Group managing director and chief executive officer (CEO) Shemara Wikramanayake made the commitment during a meeting with President Marcos on the sidelines of his participation in the Association of Southeast Asian Nations (ASEAN)-Australia Special Summit in Melbourne.
Wikramanayake cited the “young and growing population” in the Philippines provides a “bigger opportunity” in their company growth and organization.
The Macquarie Group and Marcos discussed venturing into energy transition, mining, and digitalization process, with the CEO noting that it pledges sufficient funds not only in the United States and Europe, but also in Southeast Asia.
“I am excited to talk about what more we can be doing in the Philippines because at the moment we do advisory work in investment bank, we bring our balance sheet to invest in,” Wikramanayake said.
Marcos welcomed Macquarie Group’s plans, adding that it will be a big help for the country’s development particularly the ongoing digitization efforts which would benefit both investors and Filipinos.
“Digitization is a very important part of ease of doing business not just for investors, but for locals in their dealings with the government,” the Chief Executive remarked.
“We somehow have fallen behind in that regard, and we’re trying to catch-up.”
The President also expressed optimism in sharing more investment opportunities with the Australian company as there is a “great deal” to explore and improve regarding the investment terrain in the Philippines.
The Macquarie Group has been operating in the country for over 15 years, with more than 1,000 direct employees through Macquarie Offshore Services—which supports its global business across operations, finance, technology, and risk management.
In 2012, the company won a bid to manage the first and largest-ever infrastructure fund for the Philippines at P25 billion through the Philippines Investment Alliance for Infrastructure in partnership with the Government Service Insurance System, according to Malacañang.
From 2017 to 2018, a Macquarie Asset Management-led consortium acquired a majority stake in Energy Development Corporation, the Philippines’ largest renewable energy company managing 1.5 gigawatts of renewable energy generation capacity across geothermal, solar, hydropower, and wind. – avds
