Marcos meets Mitsubishi, Ayala executives over $700-M investment

President Ferdinand Marcos Jr. has welcomed Mitsubishi Corporation's proposed US$700-million investment in Ayala Corporation, which could reportedly become one of the largest foreign equity investments in the Philippines.

Marcos met with executives of the Japanese conglomerate and Ayala Corporation during his official visit to Singapore to discuss the proposed investment, which would increase Mitsubishi's stake in the Philippine company from 4.7% to 15%.

“The two companies also updated the President on the agreements signed during his State Visit to Tokyo in May, including the Philippines’ first Intelligent City initiative in Makati and partnerships to expand digital finance through GCash,” the Presidential Communications Office (PCO) said in a statement.

During the meeting, Marcos reaffirmed the government's support for the investments, citing policies aimed at attracting foreign capital and accelerating project implementation.

These include tax incentives under Republic Act No. 12066, or the CREATE MORE Act, and expedited processing of strategic investments under Executive Order No. 18, series of 2023, which established the Green Lane initiative.

The government also allows full foreign ownership of certain renewable energy projects under a Department of Energy circular, which amended the implementing rules of Republic Act No. 9513, or the Renewable Energy Act of 2008.

According to the PCO, these measures are intended to shorten project timelines and support the country's economic growth targets.

Marcos earlier said his five-day working visit to Singapore from October 7 to 11 would help prepare the Philippines for emerging industries.— MCG, GMA News

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