BOI, Japan bank tie-up to promote Philippines to Japan SMEs

MANILA, Philippines — The Board of Investments (BOI) has partnered with a Japanese bank to work together to encourage firms from Japan to do business and invest in the Philippines.

In a statement yesterday, the BOI said a memorandum of understanding (MOU) was signed by Trade Undersecretary and BOI managing head Ceferino Rodolfo with Shoko Chukin Bank Ltd. managing executive officer Takahisa Sato on the promotion of investments last Aug. 3.

Through the MOU, both parties will collaborate in the promotion of investment opportunities through the conduct of seminars and missions, exchange of information on doing business and industry structures, and undertaking other efforts that will enable economic and industrial linkages between investors and corporations from Japan and the Philippines.

Shoko Chukin Bank is engaged in facilitating financing for small and medium enterprises (SMEs).

Following the signing of the MOU, Shoko Chukin Bank intends to strengthen its existing public-private sector partnerships and establish new ones for 70,000 SMEs across Japan.

Meanwhile, the BOI would be assisting investors as they set up their businesses in the country, from registration until full commercial operations.

Amid growing interest of Japanese firms to invest in the Philippines, the BOI is partnering with Japanese banks for institutional support.

Earlier, the BOI entered into MOUs with other Japanese banks such as Mizuho Bank Ltd., Resona Bank Ltd., and Bank of Tokyo-Mitsubishi UFJ Financial Group.

Japan is the country’s largest source of foreign direct investments (FDIs) to the Philippines.

FDIs from Japan reached $634.67 million last year, up from $569.75 million in 2016.

 Sectors which topped registrations with the country’s investment promotion agencies are manufacturing, real estate, and financial and insurance.