The Department of Trade and Industry (DTI), through the Board of Investments (BOI), and Mizuho Bank, Ltd. recently signed a memorandum of understanding (MOU) to continue bolstering cooperation in promoting investments in the Philippines to Japanese investors.
In a statement on Friday, the BOI said the MOU was signed by Trade Undersecretary, BOI Managing Head Ceferino Rodolfo and Mizuho Bank Manila general manager Masaaki Wada at the BOI office in Makati City on July 16.
The MOU aims to strengthen their cooperation to promote investments through the conduct of seminars or missions, including business-matching activities.
“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 expressed his appreciation to Mizuho Bank Manila branch its support and participation in the investment promotion missions to Japan, adding that at least three Japanese firms successfully established their presence in the Philippines as a result of these meetings.
One of the tangible outcomes of the partnership was Nitori Holdings Co., Ltd.’s investment in the Philippines.
Nitori, the largest furniture and home furnishing chain in Japan, opened its first store in Taguig City early this year. The company intends to open more stores within the 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.
Rodolfo said he is looking forward to another opportunity to work with Mizuho Bank for the upcoming BOI investments promotion mission to Japan in the last quarter of 2024.
Japan has consistently ranked among the top five sources of investment in the Philippines for several years.
In the latter part of 2023, approved investments from Japan amounted to PHP57.47 billion, up by 10.56 percent from the previous year.
The BOI, citing the Bangko Sentral ng Pilipinas’ foreign direct investments data, said that as of April this year, investments in equity capital placements were mainly from Japan (47 percent), followed by the United States (21 percent), Malaysia (11 percent), and Singapore (9 percent). (PNA)
