Leaders from MUFG Bank, Ltd., Security Bank, and the Philippine Department of Energy at the inaugural MUFG N0W conference at Makati Shangri-La on June 19, 2024. Seated (L-R): Masami Yoshitake, Country Head, MUFG Manila; Masakazu Osawa, Managing Executive Officer and Chief Executive for APAC, MUFG; Raphael P.M. Lotilla, Secretary, Department of Energy; Sanjiv Vohra, President and CEO, Security Bank; and Richard Yorke, Executive Officer and Head of Global Corporate & Investment Banking for Asia Pacific, MUFG. Standing (L-R): Eduardo Olbes, EVP and Chief Financial Officer, Security Bank; Diane Singson, Deputy Country Head, MUFG Manila; Colin Chen, Head of ESG Finance for APAC, MUFG; Menno van Uden, Head of Credit Asia and Oceania, MUFG; and Hirofumi Umeno, SVP and MUFG Business Development Head, Security Bank.
Makati City, Philippines – MUFG Bank, Ltd., part of the Mitsubishi UFJ Financial Group, Inc. (MUFG) and Security Bank Corporation (PSE:SECB), gathered more than 150 business leaders, policymakers, industry experts, and partners to its inaugural sustainability conference in the Philippines at Makati Shangri-La on June 19, 2024.
MUFG N0W (Net Zero World) is MUFG’s flagship regional thought leadership series aimed at fostering public-private dialogue and cooperation to tackle sustainability issues and prospects in Asia. In the Philippines, MUFG and its strategic partner Security Bank teamed up to host this event.
With the theme “Scaling up for a decarbonized future – the Philippines’ green transition,” the event featured a keynote speech by Raphael P.M. Lotilla, Department of Energy (DoE) Secretary, as well as key insights from Bangko Sentral ng Pilipinas (BSP) Deputy Governor, Chuchi Fonacier.
Philippine Department of Energy Secretary Raphael P.M. Lotilla gave the keynote speech at the debut MUFG N0W (Net Zero World) event held at Makati Shangri-La on June 19, 2024. The ESG conference was hosted by MUFG Bank. Ltd. and Security Bank.
During his keynote speech, Lotilla reaffirmed the government’s target to achieve at least 35% renewable energy share in the power generation mix by 2030 and 100% household electrification by 2028. Through partnerships with international stakeholders like Japan, he noted, the country “can significantly enhance our climate resilience. Additionally, through comprehensive transition finance strategies, we can unlock new opportunities to drive economic growth, create green jobs, promote right-skilling the workforce, and improve the quality of life of Filipinos.”
“Today’s event marks an important step toward our shared vision for a clean energy future. With the unwavering support of both our domestic and international partners, we remain confident in our ability to drive the path in realizing this vision,” said Lotilla.
MUFG Chief Executive for Asia Pacific Masakazu Osawa welcomed participants and shared that the MUFG N0W conference was held at the right place and the right time. “The World Bank recently affirmed its projections for the Philippines as one of the fastest growing economies in ASEAN. The country’s growth is expected to hit 5.8% this year and trend marginally higher for the next two years. However, it has also identified extreme weather and climate change as key risks affecting Philippines’ growth outlook.”
Osawa commended the attendees for playing a “pivotal role in ensuring the long term and sustainable growth trajectory of the Philippines. By joining hands with MUFG, Security Bank, like-minded companies and stakeholders, and leveraging MUFG’s regional and global network, (these companies) can jumpstart or even springboard their decarbonization efforts and secure a greener future for the next generation.”
Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier joined a leadership dialog session during the debut MUFG N0W (Net Zero World) event hosted by MUFG and Security Bank on June 19, 2024 at Makati Shangri-La.
During a special leadership dialogue session, BSP Deputy Governor Chuchi Fonacier reinforced the BSP’s sustainability agenda. “We know that climate change events and natural hazards can amplify credit, liquidity, and operational risk exposures of banks. This can impact the stability of a financial institution and the financial system. We do not view this agenda as a mere compliance thing, but the end goal is to preserve financial stability and help individual institutions to be operationally resilient and sustainable.”
As one of the fastest growing economies in the Asia-Pacific region, the Philippines has embarked on a multi-pronged approach to sustainability, focusing on renewable energy adoption, spurring technology development, and catalyzing sustainable finance through policy support. Central to this is the Energy Transition Act, which aims to provide a clear framework for a clean and just energy transition.
The first panel discussion “Demystifying decarbonization pathways” included (L-R): Horia Adrian, President and CEO, Holcim Philippines; Nicholas Gandolfo, Director – ESG Finance for APAC, MUFG (moderator); Katsuya Harada, President, JERA Philippines; Akihiro Ondo, Managing Director and CEO, Mitsubishi Power Asia Pacific; and Allan Barcena, Executive Director, Net Zero Carbon Alliance (NZCA).
Panelists for the topic “Mobilizing finance for unlocking capital” included (L-R): Colin Chen, Head – ESG Finance for APAC, MUFG (moderator); Jaime Lopez, Director, Investment Research, Sun Lift Investment Management and Trust Corporation; Cecilia Cruzabra, Treasurer, CFO ACEN International, ACEN Corporation; Masashi Kishioka, Chief Representative, Philippines, JBIC; and Eduardo Olbes, EVP and Chief Financial Officer, Security Bank.
Sustainability is one of Security Bank’s key commitments and has strengthened its institutional policies and frameworks, including its Sustainable Finance Framework approved by the Board last year. This underscored the Bank’s commitment to fund eligible green finance and social finance projects.
“As we advance in our sustainability journey, we’re fortunate to have a strategic partner like MUFG, who shares our vision and values. MUFG is a global leader in sustainability and green finance, and has been instrumental in supporting our efforts to align with international standards and best practices,” said Sanjiv Vohra, President and CEO, Security Bank.
