The Board of Investments (BoI) said it is strengthening its efforts to attract more Japanese investments into the country after it entered into a tripartite memorandum of understanding (MoU) with Sumitomo Mitsui Banking Corporation (SMBC) and Rizal Commercial Banking Corporation to deepen cooperation in promoting and facilitating investments across priority sectors.

BoI Investments Promotion Services (IPS) executive director Evariste Cagatan represented the agency during the MoU signing held on 27 April, alongside RCBC president and CEO Reginaldo Anthony Cariaso and SMBC managing executive officer and head of APAC Division Katsufumi Uchida.

The MoU formalizes cooperation and strengthens joint efforts to attract and support strategic Japanese investments into the Philippines.

Framework for regular coordination

Cagatan said the MoU provides a framework for regular regular coordination, enhanced information exchange, and more purposeful joint investment promotion activities.

It also strengthens the BoI’s engagement with financial institutions that have strong linkages with Japanese firms, an important channel for attracting quality investments.

“We recognize that in Japan’s business environment, relationships and trust are foundational. In the same way, the BoI places strong importance on building long-term, collaborative partnerships. Hence, we see this partnership as a way to better support companies that are exploring or expanding their presence in the Philippines,” executive director Cagatan underscored.

For his part, RCBC president and CEO Cariaso lauded the partnership, noting that it expands RCBC and SMBC’s reach to cover a broader range of industries, including those serving the domestic market.

“To our partners at the BoI: you are the architects of the Philippine investment landscape. While our previous efforts focused on specific economic zones, this MoU allows us to reach a broader universe of industries. We are no longer just looking at the export market; we are looking at the domestic engines of growth — infrastructure, manufacturing, and the emerging services — that power our daily lives,” Mr. Cariaso said.

SMBC managing executive officer Uchida expressed his confidence that the BoI will continue to attract high-quality foreign direct investment from Japan and other countries.

Particularly meaningful

“Today’s MoU is particularly meaningful given the challenging conditions. Through our collaboration with BoI and RCBC, SMBC looks forward to jointly promoting activities, such as organizing investment seminars and extending assistance to investors, that aim to enhance the Philippines’ competitiveness,” Uchida emphasized.