MANILA, Philippines - The Board of Investments(BOI) has signed a memorandum of understanding with Japan’s Mizuho Bank to strengthen mutual economic cooperation between the two countries.
“The MOU will establish mutually beneficial cooperation to promote investment opportunities, exchange information on the guidelines in doing business and industry information, and other joint efforts that will foster economic and industrial linkages between investors and corporations,” the BOI said in a statement.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said the Philippines stands to attract more Japanese investors into the Philippines with the MOU.
“As we are in the golden age of economic relationship with Japan, we hope that our partnership will attract more Japanese investors to do business in the country,” Rodolfo said.
For his part, Mizuho Bank chief executive officer Masaki Seki said the MOU shows Japan’s commitment to make its economic ties with the Philippines stronger by helping it attain further socioeconomic growth.
“We will be delighted to promote your country and bring in more Japanese investments that will be beneficial not only for the large companies and more so for the small and medium enterprises in the Philippines,” Seki said.
Mizuho is the first private entity that the BOI is collaborating with on investment promotion activities.
The BOI said the signing of the MOU is very timely as the agency just published the guidelines for the 2017-2019 Investments Priorities Plan.
Last January, Trade chief Ramon Lopez encouraged more Japanese businessmen to invest in the Philippines and take advantage of the country’s robust economy.
Lopez said he welcomes all foreign investments in almost all areas of activities except for a short negative list which have limited foreign equity participation.
“Japan is one of the top investors of the country that opened employment opportunities for the Filipinos. Over 1,400 Japanese companies have entered the Philippine market and the figure is expected to increase further.
Based on data from the Philippine Statistics Authority, Japan placed fourth in the list of top foreign investing countries in the Philippines with P27.06 billion worth of investments last year.