Security Bank Corp. and Mitsubishi UFJ Financial Group’s commercial banking arm The Bank of Tokyo-Mitsubishi UFJ Ltd. signed a memorandum of understanding with the Board of Investments to promote investments in the country.
Security Bank and Mitsubishi, serving as BoI’s strategic partners, agreed to jointly assist in fostering economic and industrial linkages between investors and corporations by conducting various investment seminars and business-matching activities.
The agreement aims to generate investments in the industries listed in the Philippines’ 2017-2019 Investment Priorities Plan.
IPP is a list of priority investment activities qualified for incentives under the BoI.
“The IPP serves as blueprint in guiding local and foreign investors in matching their entrepreneurial and financial capacities with the identified opportunities to steer the country’s economic growth to a broader and sustainable path. It aspires to maintain the Philippines’ competencies while developing sectors with potential for inclusive growth by connecting micro, small and medium enterprises to the global value chain,” said Trade Undersecretary and BoI managing head Ceferino Rodolfo.
Security Bank and Mitsubishi organized a business-matching event between Philippine and Japanese companies last year.
“We recognize the Philippines as a fast evolving economy in Asia, one of our core markets outside of Japan. With our strategic partnership with Security Bank, we are aiming to create various financial platforms that will provide value-added financial services in both countries,” said Mitsubishi UFG Manila general manager Tatsuto Ishida.
Security Bank and Mitsubishi will facilitate exchange of information and best practices between Philippine and Japanese investors, which will translate into economic development for both countries.
Both parties also agreed to set up a special working team to undertake cooperation initiatives.
“We will link our Philippine clients to MUFG’s customers in both the Philippines and Japan in order to open more opportunities and forge partnerships. We know that this relationship will help expand businesses and further develop the economy,” said Security Bank president Alfonso Salcedo Jr.
