A Canadian insurance company is partnering with a local investor for several infrastructure projects in Mindanao with over USD 25 million investments under the Public Private Partnership (PPP) scheme.
This was disclosed by Michael Manuel, chief business development officer of Sun Life Financial in the Philippines, who said that there are lots of opportunities for PPP in the Philippines especially in the power sector. He said partnership with insurance companies like Sun Life will go for long term borrowings of about 20 to 25 years.
Ours is long term compared to other financial institutions like banks that only offer 12 years, he said. He said investors would prefer long term scheme with the huge amount of money that they would need for the project.
He said there are several big projects in Davao City, citing the modernization of both the Davao International Airport (DIA) and the Sasa Port.
Meanwhile, Manuel disclosed the company has the highest assets under management (AUM) in Davao City cornering more than P1 billion as of June 2015 in the Philippines for Sun Life Asset Management Co. Inc. (Slamci). AUM is the market value assets that an investment company manages on behalf of investors.
Manuel said Davao City investment is in the right direction with new markets getting into the scene. In economics, he said about 70 percent are on consumption because of the people’s capacity to spend. (PNA) LAP/LCM/Digna D. Banzon/ldp