AIG Philippines country head and Philamlife president and CEO Jose Cuisia Jr. told reporters at the sidelines of the 5th Annual Asian Forum on Corporate Social Responsibility (CSR) that part of the group’s commitment is to be able to play an important role in the energy sector.
"Energy is something that is very much needed in the country. We all see demand for energy rising as the economy grows. A part of our CSR is to assist in any way in the country’s economic development," Cuisia said.
But he pointed out that plans to pour in capital into the energy sector have yet to be firmed out.
"We recognize and expect the need to develop more energy resources. If we decide to invest in the energy sector, one of the reasons is we want to be true to our CSR efforts," he said.
Cuisia also stressed that AIG’s participation in the energy sector would be purely on private equity. "We raise third party money," he said.
The AIG official, however, admitted that the group already has equity exposure in Bauang Power Corp.
At present, he said they still do not have any specific area of interest in the energy sector. "We are still studying which area we could come in or have direct equity."
But Cuisia said they are planning to look at the generating assets of the National Power Corp. (Napocor) and the equity sale of Mirant Philippines Corp.
He said they may also look at the concessionaire contract of the National Transmission Corp. (TransCo).
"The energy sector represents good opportunities to diversify our investment portfolio. These assets could be relatively attractive if properly priced. But we have not made any decision yet," he said.
Aside from being a leading international insurance organization with operations in more than 130 countries and jurisdictions, AIG companies are also leading providers of retirement services, financial services and asset management around the world.
AIG’s common stock is listed on the New York Stock Exchange as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
One of the group’s units, AIG Global Investment Group, manages equities, fixed income, private equity, hedge funds and real estate investments for institutional, individual and high-net-worth investors around the world.