A memorandum of understanding (MOU) was recently signed between Mizuho Bank, Ltd. and the Department of Trade and Industry (DTI) through the Board of Investments (BOI) to further strengthen collaboration in luring Japanese companies to invest in the Philippines.
The BOI said in a statement that the MOU was signed at the BOI office in Makati City by Mizuho Bank Manila general manager Masaaki Wada and Trade Undersecretary, BOI Managing Head Ceferino Rodolfo.
Under the MOU, they will work together more closely to encourage investments by holding seminars, missions, and business-matching events.
“BOI aims to continue partnering with Mizuho Bank in investment promotion initiatives, exchange of information support, and in conducting fruitful meetings not just in Japan but also in the Philippines,” Rodolfo said.
Rodolfo thanked the Mizuho Bank Manila branch for its assistance and involvement in the missions to promote investment in Japan, mentioning that these meetings were instrumental in the establishment of at least three Japanese companies in the Philippines.
Read also- Japan-Based Sony has Secured $700 Million in Funding
The investment made by Nitori Holdings Co., Ltd. in the Philippines was one of the partnership’s concrete results.
The largest chain of furniture and home furnishings in Japan, Nitori, debuted its first location in Taguig City at the beginning of this year. The business plans to add more locations this year.
“Mizuho Bank has been pivotal in our efforts to attract Japanese investors. This is exemplified by our collaboration with Nitori, which led to a project that will create jobs for Filipinos. This contributes to the success of our trade and investment relations with Japan, as most investments in equity capital placements originate from Japan. True enough, our collaboration with Mizuho Bank has been the catalyst for these investments,” Rodolfo said.
For a number of years, Japan has been among the top five countries from which to invest in the Philippines.
Approved investments from Japan in the latter half of 2023 totalled PHP57.47 billion, an increase of 10.56 percent over the prior year.
Read also- India-Based MPL has Raised Undisclosed Amount in Funding
The BOI stated that as of April of this year, the majority of investments in equity capital placements came from Japan (47 percent), followed by the United States (21 percent), Malaysia (11 percent), and Singapore (9 percent), citing data on foreign direct investments from the Bangko Sentral ng Pilipinas.
About Mizuho Bank
Mizuho Bank is a leading worldwide bank with one of Japan’s largest customer bases and a global network of financial and business centres.
About BOI
The Bank of India was founded on September 7, 1906, by prominent Mumbai businessmen.They strive to provide highly proactive, cost-effective, and timely banking services to niche markets worldwide.
