The Department of Trade & Industry (DTI) through its industry development and investments promotion arm—the Philippine Board of Investments (BOI) and the Mizuho Bank, Ltd., the integrated retail and corporate banking unit of Mizuho Financial group and one of the largest financial services companies in Japan, signed a Memorandum of Understanding (MOU) recently (July 17, 2017) for a business cooperation on the promotion of investments in the country.

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.

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo, who signed the MOU on behalf of the agency said, “We have all of the elements in the industrial cooperation that is why we are excited on the collaboration. We can also learn from your global expertise particularly on the project finance and industrial research. 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.”

Photo shows Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo (left) and Mizuho Bank, Ltd. Chief Executive Officer /Joint Head of Asia Oceania Masaki Seki (right) signing the Memorandum of Understanding on the promotion of investments in the Philippines.  Joining them as witnesses were (standing, from left to right):BOI International Investments Promotion Service Director Angelica M. Cayas, DTI Assistant Secretary for Industry Development Rafaelita M. Aldaba, Mizuho Corporate Bank, Ltd. Manila Branch General Manager Tsutomu Yamamoto, and Mizuho Corporate Bank Ltd. Manila Branch Joint General Manager Atsuya Kono.

Mizuho is the first private entity that the BOI is collaborating on investment promotion activities. According to Undersecretary Rodolfo, the Philippines’ manufacturing industry offers a big opportunity for investors through an expounded list of eligible business activities that can be registered with the BOI. The MOU is very timely as the BOI has just published the guidelines for the 2017-2019 Investments Priorities Plan (IPP).

Mizuho Bank, Ltd. Chief Executive Officer/Joint Head of Asia Oceania Masaki Seki who signed the MOU for Mizuho Bank, Ltd. meanwhile said, “This MOU is not only a milestone, but also a commitment for us to make the economic ties of Japan and Philippines stronger by helping your country attain further socio economic growth. We will be delighted to promote your country and bring in more Japanese investments that would be beneficial not only for the large companies and more so for the small and medium enterprises in the Philippines”.

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. Philippine Statistics Authority data shows that Japan placed 4th in the list of top foreign investing countries in the Philippines with Php27.06 Billion worth of investments in 2016.