BOI partners with banks to attract more Japanese FDI
Making It Happen with RCBC and SMBC: IPS Executive Director Evariste M. Cagatan (sitting; center), SMBC Managing Executive Officer and Head of APAC Division Katsufumi Uchida (sitting; left), and RCBC President and CEO Reginaldo Anthony B. Cariaso (sitting; right) during the signing ceremony at the BOI Main Office. Joining them are IIPS Director Lanie Dormiendo (standing; center), Mr. Hiroyasu Kanda, SMBC Manila Branch Managing Director and Country Head (standing; left), and Ms. Elizabeth E. Coronel, RCBC Executive Vice President and Group Head of Institutional Banking Group (standing; right).
BOI
The Board of Investments said it is strengthening efforts to attract more Japanese investments after signing a tripartite memorandum of understanding with Sumitomo Mitsui Banking Corporation and Rizal Commercial Banking Corporation.
The agreement aims to deepen cooperation in promoting and facilitating investments across priority sectors.
BOI Investments Promotion Services Executive Director Evariste Cagatan represented the agency during the signing 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 joint efforts to attract and support strategic Japanese investments into the Philippines.
Cagatan said the agreement provides a framework for regular coordination, enhanced information exchange, and joint investment promotion activities.
“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,” he said.
Cariaso welcomed the partnership, noting it would expand the reach of RCBC and SMBC 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,” he said.
Uchida expressed confidence that the partnership would help attract high-quality foreign direct investments from Japan and other countries.
“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,” he said.
SMBC is the core banking subsidiary of Sumitomo Mitsui Financial Group and was the first foreign bank to establish a branch in the Philippines following the liberalization of foreign bank entry in 2015.
RCBC is the fifth-largest privately owned universal bank in the country, with 469 branches nationwide as of March 2025.
The BOI said it has maintained close collaboration with both institutions through investment promotion activities, including seminars, business matching, and investor facilitation.
Data showed foreign direct investment inflows from Japan reached $904.15 million in 2025, while approved investments totaled P34.03 billion.
Japanese firms remain key players in sectors such as electronics and semiconductors, automotive manufacturing, infrastructure, and IT-BPM, reinforcing Japan’s role as one of the Philippines’ major economic partners.