I had the privilege to attend the Opening Ceremony of the Sumitomo Mitsui Banking Corporation (“SMBC”) held recently at the Rizal Ballroom of the Makati Shangrila Hotel and attended no less by the President, Benigno Simeon C. Aquino III. The event was held to commemorate the launch of operations of the Japanese bank here in the country.
To recall, SMBC first opened its doors in the Philippines last 2015, though in his Address during the event, President Aquino had said that the plan for SMBC to establish itself in the country had been way before that. In the same speech, President Aquino shared that it was during his visit to Japan in December 2013 that SMBC first broached the idea of liberalizing the banking industry in the country; that Republic Act No. 10641 was passed seven months later in July 2014; and that SMBC was the first in line to apply to operate in the country under this new law.
SMBC Chairman Masayuki Oku and SMBC President and CEO Takeshi Kunibe were both on hand to take part in the ceremony. Chairman Oku was the roommate of ACCRA Senior Partner Attorney Victor “Boy” P. Lazatin, known to us in legal circles as “BoyLaz”, who was my valued mentor during my days with the law firm. Speaking of ACCRA, Atty. Eusebio “Ebot” Tan was also present, and I do recall Ebot as already handling corporate cases for Japanese clients back in the day, so much so that he can easily be mistaken to be a representative of the Japanese Embassy here.
I was seated beside JG Summit Holdings Inc. President and COO Lance Y. Gokongwei, better known as the President and CEO of Cebu Pacific Air. No, we didn’t engage in lively conversations about Philippine Airlines, but about something more interesting to him which was the coming elections. We looked at various scenarios and what their impact on business were.
A number of government officials also attended the event, among them Senate President Franklin M. Drilon and Speaker of the House Feliciano Belmonte Jr. who were both instrumental in the passage of the new bank liberalization law. I had the chance to chat with the indefatigable Lilia B. De Lima, Director-General and Chairman of the Board of the Philippine Economic Zone Authority (PEZA) since 1995, probably the longest-serving public official now, having served under four presidents who belong to different political parties, which shows the kind of professionalism and integrity that she has brought to the service. I would suggest to the Japanese, who are known to be advancers of technology, that if ever they develop cloning, Director-General De Lima should be one of the first to be cloned so that her brand of governance and public service would never run out.
SMBC’s operations in the Philippines, according to the President, will open up opportunities for all; its vote of confidence having a multiplier effect. Truly, this milestone in our country’s economic history augurs well for us all at this time of instability in global financial markets and the impending ASEAN economic integration.
