Mitsubishi proposes US$700 million investment in Ayala
The proposed investment would raise Mitsubishi's stake in the Philippine company from 4.7 per cent to 15 per cent.
Philippine President Ferdinand Marcos Jr. welcomed a proposed US$700 million investment by Mitsubishi Corporation in Ayala Corporation at a meeting with executives from both companies in Singapore. The discussions took place during his visit from October 7 to 11.
Mitsubishi would increase its ownership of Ayala from 4.7 per cent to 15 per cent under the proposal. Marcos reiterated government backing for the investments and pointed to measures designed to attract foreign capital and speed up project implementation.
The Presidential Communications Office (PCO) said the companies briefed Marcos on agreements reached during his May state visit to Tokyo. These covered an Intelligent City initiative in Makati, described as the Philippines' first, and partnerships involving GCash to broaden digital finance.
The policies cited included tax incentives under Republic Act No. 12066, known as the CREATE MORE Act. Executive Order No. 18, series of 2023, created the Green Lane initiative to accelerate processing for strategic investments.
A Department of Energy circular also permits full foreign ownership in certain renewable energy projects by amending rules implementing Republic Act No. 9513, the Renewable Energy Act of 2008. The PCO said these measures aim to reduce project timelines and support Philippine economic growth targets.
