Hitachi sees bright prospects in Philippines
Japanese conglomerate Hitachi expects to expand its business further in the Philippines to match the local economy's robust growth.
Ichiro Iino, chief executive for Asia-Pacific, said the company was "certainly interested" in participating in as many opportunities as it could in the country’s power generation, transmission and distribution sectors, as the Philippines’ electricity requirements continue to rise with the growth of the economy.
Iino said the company’s local unit already had projects with Manila Electric Co (Meralco), the country’s largest distribution utility, the latest of which was the supply of 115-kilovolt gas insulated switchgear (GIS) for use in substations.
"We are discussing various business opportunities with Meralco. We [can supply] the technology, batteries and connectivity, among others. As Meralco expands its business, we are trying to work with them.
"We currently have a supply contract … Meralco is expanding its power services, so I believe they will definitely need additional facilities to take care of increasing capacity," Iino said.
He added that Hitachi was also open to supplying the needs of other companies.
Iino acknowledged that Hitachi’s business in the Philippines was small relative to than in neighbouring countries. He said the company was bullish, however, that it could boost revenues not only in the Philippines but across the Asia-Pacific countries by at least 10 per cent – faster than the economic growth of the region.
"There is a large opportunity here [in the region]. I cannot be satisfied with growing at the same pace as the economic growth in the region. We want it higher," he said.
