In a bid to attract more foreign direct investments into the country, the Philippines’ premier investment promotion agency, the Board of Investments (BoI), and the banking arm of the Sy family-led SM Group, BDO Unibank, have sealed a memorandum of understanding, signifying the beginning of their more robust collaboration.
The signing ceremony was led by Trade Undersecretary and BoI managing head Dr. Ceferino Rodolfo and BDO Unibank executive vice president and Institutional Banking Group head Charles Rodriguez last 3 September 2024 at the BDO Head Office in Makati City.
This MoU paves the way for the joint conduct of investment seminars, promotion missions, and business matching activities, and aims to enhance economic and industrial linkages between BoI and BDO client investors and corporations.
A salient feature of the MoU is the provision of a platform to exchange vital information about the Philippines and potential/ target foreign investors, such as the guidelines for doing business in the Philippines, local industry information, investment projects of interest, and investment promotion programs.
Undersecretary Rodolfo underscored that the MoU is a testament to the strong synergy between the BoI and BDO Unibank Inc.
A long time coming
“This has been a long time coming. We welcome this collaboration to promote the Philippines as a smart and sustainable manufacturing and services hub in Southeast Asia,” Rodolfo said.
“Our goal is not just growth but we aim to transform the Philippine economy. What matters most is the path we take to achieve this, and that means empowering the private sector with market-based tools. This is why our partnership with the country’s largest universal bank is so crucial to us,” Undersecretary Rodolfo emphasized.
With a focus on empowering the private sector and active government involvement, the BoI has collaborated with several banks to actively promote investment opportunities in the Philippines and co-organize promotion activities.
Notably, this is the first MoU signed by BoI with a local bank for investment promotion, as other MoUs for investment promotion are with foreign banks.
Strong commitment
“Today’s signing ceremony is proof of both our institutions’ strong commitment to promoting the Philippines as a preferred investment destination not only for foreign investors but also for our very own local conglomerates and corporations,” Rodriguez, for his part, said.
Through these investments, Rodriguez pointed out that BDO hopes to contribute to sustaining the country’s economic growth, which has been among the fastest across the Asian region for the past decade.
“It is our fervent hope that this collaborative initiative with DTI and BoI to promote more investments will further fuel and drive the growth of the Philippine economy. We look forward to the successful execution of our initiatives,” he concluded.
On the other hand, Romeo RM Co. Jr., senior vice president and Department Head of Financial Institutions and International Desks at BDO Unibank Inc., expressed optimism about the potential for even greater collaboration with the BoI.
“This is something that has been planned for a long time and we have been engaging for many years. I’m glad to see that we have this partnership formalized. We look forward to working with you,” he said.
Formal partnership
This formal partnership reconfirms BoI and BDO Unibank, Inc.’s shared commitment to strengthening their long-standing relationship, fostering deeper cooperation to undertake investment promotion activities to showcase the Philippines as a top investment destination.
A strong financial sector is often a key factor for foreign investors when deciding on investment locations, and local banks like BDO play a vital role in bridging connections between local and foreign companies that are pursuing strategic investments.
BDO, the country’s largest full-service universal bank, offers a comprehensive range of industry-leading products and services.
With over 1,700 branches across the Philippines and six international offices in Hong Kong, Singapore, and other key locations, BDO serves as a critical partner for investors seeking to establish or expand their presence in the country.
The BoI, through its International Investments Promotion Service, has been actively working with BDO for the conduct of outbound promotion missions and facilitation of due diligence visits, especially for investors seeking local banks as partners for their projects.
To recall, BDO was a strategic partner in the 2021 China International Fair for Investment and Trade, at which time the Philippines was the Guest Country of Honor.
BDO, likewise, had collaborated with BoI in various investment promotion missions in Taiwan.