Manila: Japan's special envoy to the prime minister, Kishida Fumio, has expressed optimism that the Philippines will be among the first beneficiaries of Tokyo's new USD10 billion initiative designed to support Asian countries during the ongoing oil crisis. This optimism is rooted in the strong partnership between the Philippines and Japan.
According to Philippines News Agency, Kishida, who is the supreme advisor to Japan's Parliamentary Association of Asia Zero Emission Community (AZEC), personally delivered a letter from Prime Minister Takaichi Sanae to President Ferdinand R. Marcos Jr. The letter conveyed Takaichi's intent for closer cooperation between the Philippines and Japan on energy resiliency under the Partnership on Wide Energy and Resources Resilience Asia (POWERR Asia).
Kishida highlighted that he expects the Philippines to be one of the initial countries to receive support from POWERR Asia. This USD10 billion initiative is a procurement and cooperation scheme aimed at enhancing the energy supply resilience of its partner states. The initiative was launched by Prime Minister Takaichi during an online AZEC summit attended by President Marcos on April 15.
Following his meeting with President Marcos in Manila, Kishida held discussions with Energy Secretary Sharon Garin to explore deeper bilateral and AZEC-wide energy cooperation. Japan is particularly interested in strengthening collaboration with the Philippines in areas such as nuclear and liquefied natural gas.
Japan's vision for AZEC is to create a new decarbonization market in Asia, attracting global capital. Currently, the Japan-led AZEC is working to optimize its platform to meet the specific needs of its 11 member countries in light of the Middle East crisis impacting the global energy market.
Kishida noted that there are at least 30 initiatives in the Philippines focused on renewable energy, biotechnology, and LNG, which are progressing steadily through various public and private investments under AZEC. Meanwhile, Energy Secretary Garin reiterated the Philippines' full support for AZEC and Japan's vision of advancing the platform to ensure energy resilience in Asia.
Garin emphasized that the evolving situation in the Strait of Hormuz has underscored the fragility of global energy supply chains and the vulnerability of economies to external shocks. She stressed the need to accelerate a secure, resilient energy transition in response to these challenges. For the Philippines, AZEC is seen as a vital platform for practical and inclusive cooperation to transform their mission into actionable steps.
The AZEC, led by Kishida, will be in the Philippines from April 30 to May 2, with plans to visit Japanese companies operating in Luzon.
