MUFG Bank, Ltd. (MUFG), Japan’s largest bank and one of the world’s largest, recently hosted over 160 business leaders, policymakers, and industry experts at its MUFG N0W conference in Manila.
MUFG N0W is the bank’s flagship regional networking and thought leadership platform launched in September 2023 to support the bank’s sustainability engagements across the Asia-Pacific. This year’s event in the Philippines follows the success of the inaugural MUFG N0W in Manila last June.
Hosted by the bank’s sustainable finance team for Asia-Pacific and its Manila branch, the event was attended by distinguished guests, including Undersecretary Ma. Angela Ignacio, Office of the Special Assistant to the President for Investment and Economic Affairs; and Pia Roman Tayag, Assistant Governor for Strategy Innovation and Sustainability, Bangko Sentral ng Pilipinas (BSP).
Senior executives from the Philippines’ leading conglomerates and industry leaders in green energy, finance and manufacturing also participated in lively discussions on advancing renewable energy and sustainable supply chain management strategies.
In her keynote address, Ms. Ignacio said that the government is committed to achieving energy security by 2028 in support of a vision of a country powered by clean energy, where communities thrive and benefit from systems that are reliable, accessible and affordable for all.
“For the Philippines, opportunities lie in our growing economy — game-changing reforms, liberalizing policies and rich green energy sources — but above all, it is in the partnerships with organizations and business leaders, who share and invest in the mission of a better and more sustainable future. The rise in renewable energy investments and projects backed by defined policy targets and key initiatives shows that we are not merely waiting for the world to change. MUFG N0W serves as a reminder that the road to net zero is not one that we take alone, it is a shared journey,” she added.
During the leadership dialogue, BSP Assistant Governor Tayag affirmed the BSP’s commitment to advancing its green agenda, which is anchored in supporting adaptation and resilience. “The country is extremely vulnerable to the impacts of climate change, regardless of geopolitical shifts. As (BSP) Governor Remolona has pointed out, a climate-resilient economy and financial stability are mutually reinforcing goals. Our green agenda, therefore, is mandate-driven,” she emphasized.
Ms. Tayag also highlighted the significance of the Philippine Sustainable Finance Taxonomy Guidelines (SFTG), launched in February by the country’s financial sector regulators, as a key enabler in mobilizing capital toward the country’s climate mitigation and adaptation priorities. She noted that the SFTG is a living document that will be progressively enhanced to include other environmental objectives relevant to the Philippine context, such as circular economy and biodiversity. She also shared the plans to develop a taxonomy supplement that will offer more granular guidance on adaptation and resilience financing.
MUFG has played significant roles in landmark transactions, including Ayala Corp.’s first sustainability-linked loan signed in November 2023. With the support of its strategic partner Security Bank Corp. (SBC), one of the lead arrangers for Ayala Land’s inaugural sustainability-linked bond (SLB) in July 2024, MUFG was able to support the launch of the Philippines’ first SLB as well.
MUFG’s Head of Sustainable Finance for Asia Pacific Colin Chen reiterated the importance of engagement in raising awareness of the opportunities inherent in the Philippines’ pivot towards sustainable energy sources and business practices.
“As a net energy importer, the Philippines is all too familiar with the need to accelerate energy transition while meeting its growing energy requirements as a fast-developing nation,” Mr. Chen said.
“While MUFG continues to innovate and pioneer tailored solutions for our clients, our true strength lies in our ability to leverage our global and regional franchises to connect the public and private sectors, which we continue to do with the MUFG N0W series,” he added.
Nobuya Kawasaki, MUFG’s Chief Executive for Asia Pacific said: “As a bank with a longstanding history in the Philippines, MUFG is proud and honored to be a trusted financial partner in the country’s long-term development. Beyond corporate and infrastructure financing, we are extending our sustainability financing capability and expertise to help corporations catalyze and sustain decarbonization initiatives in the Philippines.
“It is my sincere hope that MUFG’s contributions will continue to be a win-win-win proposition for this wonderful country, its people and the precious environment,” he added.
MUFG’s 72-year presence in the Philippines has been bolstered by strategic investments in SBC, consumer finance company Home Credit Philippines and digital finance firm, Mynt (parent of GCash). Beyond supporting the broader economic development of the country through its relationships with the Philippines’ leading companies, MUFG has in recent years also actively engaged with corporate clients in support of their sustainability aspirations.
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