THE Board of Investments (BoI) said it entered into a memorandum of understanding (MoU) with Sumitomo Mitsui Banking Corp. (SMBC) and Rizal Commercial Banking Corp. (RCBC) to attract Japanese investors to the Philippines.
The MoU outlines joint investment promotion activities among the three parties, the BoI said in a statement on Monday.
The agreement also strengthens the BoI’s engagement with financial institutions that have strong ties with Japanese firms, which is deemed crucial in attracting quality investment.
In the Philippines, Japanese companies are present in key industries like electronics and semiconductors, automotive manufacturing, infrastructure and construction, and information technology-business process management.
“We see this partnership as a way to better support companies that are exploring or expanding their presence in the Philippines,” BoI Investments Promotion Services Executive Director Evariste M. Cagatan was quoted as saying.
SMBC Managing Executive Officer and Head of the APAC Division Katsufumi Uchida said he is bullish that the Philippines will continue to attract high-quality foreign direct investment (FDI) from Japan and other countries.
“Through our collaboration with the 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, the core banking unit of Sumitomo Mitsui Financial Group, was the first foreign bank to establish a branch in the country following the 2015 liberalization of the banking industry.
RCBC President and Chief Executive Officer Reginaldo Anthony B. Cariaso said the MoU is also expected to broaden RCBC’s reach across industries, including those serving the domestic market.
“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,” he noted.
RCBC is the fifth-largest privately owned universal bank in the Philippines, with 469 branches as of March 2025.
In 2025, FDI inflows from Japan hit $904.15 million, while approved investments amounted to P34.03 billion. — Beatriz Marie D. Cruz
