Philam Life eyes infra project financing

The Philippine American Life and General Insurance Co. (Philam Life) is interested to help in financing the Duterte administration’s ambitious infrastructure program to support nation-building.

Ariel G. Cantos, Philam Life president and chief executive, said the local unit of AIA Group Ltd. is now looking at possible opportunities in the government’s “Build, Build, Build” program, like road projects.

“We have been collaborating with the IC [Insurance Commission] to find a way in which we can participate. We are exploring, we have discussions with the possible project proponents like banks,” Cantos told reporters.

“In other words, we are in the market to support infrastructure projects of the government, so we’re looking at opportunities on how to exactly do that,” he added.

Prior to the government’s R8-trillion infrastructure spending program, Philam Life was already involved in major projects including the Skyway, the Manila-Cavite expressway (Cavitex), and the South Luzon expressway (SLEX).

Cantos now said that Philam Life is considering similar investment opportunities.

“We sounded off our interest with those kinds of projects,” Cantos said, referring to Coastal Road, Skyway as well as SLEX.

Cantos, meanwhile, disclosed that Philam Life along with other insurers are still waiting for the right signal and direction from the government, adding “I guess the entire industry is looking for the opportunity, and the way by which we can actually use longterm funds for the projects.”

He, however, noted that there was a change of direction in funding the government’s infrastructure projects, citing the Duterte administration had chose official development assistance (ODA) over the previous publicprivate partnership (PPP).

“I think they are also looking now again at sourcing the funds of private institutions, so now we are seeing that can be a window for us to get in it, but it’s how we are going to get there, we are waiting for clarity,” he added.