RCBC in talks with Japanese mfg firms relocating to Phl

MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) is in talks with several Japanese manufacturing companies reportedly planning to relocate to the Philippines for the provision of banking services to these potential clients.

RCBC president and chief executive officer Lorenzo V. Tan said majority of these firms are manufacturers of parts required by Sony and Toyota Motors.

“More Japanese companies will relocate to the Philippines due to various reasons including political, the Abenomics policy in Japan, and the military conflict in Thailand,” Tan said during the formal launching of the bank’s Green ATM Network partnership with ABS-CBN Bantay Kalikasan.

Japanese companies, mostly SMEs and secondary manufacturers for huge Japanese manufacturers, have started their exodus out of Bangkok .

In the past 18-month period, RCBC “acquired” 36 new Japanese clients.

The universal bank of the Yuchengco Group is also in talks with Japanese counterparts.

In the past two years, RCBC has forged partnerships with Japanese banks that service Japanese manufacturers.

RCBC has an existing business cooperation agreement with Resona Bank, the fourth largest banking group in Japan. RCBC thus benefitted from the influx of Japanese investors who are doing business with the Japanese bank.

RCBC assists Resona clients in their investment decisions and provide their business and banking requirements through its Japan help desk.

Recently, RCBC and Resona signed a memorandum of understanding with the Philippine Economic Zone Authority (PEZA) to further promote direct investments and help foster business partnerships between Philippine and Japanese entrepreneurs and companies.

Among the Japanese firms are Furukawa Electric Co. Ltd. in the electronics industry, adhesives maker Cemedine Co. Ltd., Canon Inc. and Brother Industries Ltd.

“As Japanese manufacturers locate in the Philippines, their suppliers would follow suit, creating a supply chain that would attract a wider range of manufacturers and suppliers,” the RCBC chief executive said.