The Board of Investments (BOI) and Mizuho Bank, Ltd. renewed their partnership to attract more Japanese investments to the Philippines through a memorandum of understanding (MOU).
The collaboration aims to strengthen economic ties between the two countries and further promote investment opportunities for Japanese businesses in the Philippines.
BOI managing director Ceferino Rodolfo and Mizuho Bank Manila Branch general manager Masaaki Wada signed the agreement on July 16, 2024 at the BOI office in Makati City.
“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.
He said one of the recent highlights of the partnership was the entry of Nitori Holdings Co. Ltd. (Nitori), Japan’s largest furniture and home furnishing chain, into the Philippine market.
Nitori opened its first store in Taguig City in April 2024 and plans to open more stores within the year.
Rodolfo also acknowledged Mizuho Bank’s role in organizing investment promotion missions to Japan, highlighting the quality leads and one-on-one meetings arranged for the BOI during these missions.
The meetings resulted in at least three Japanese firms successfully establishing their presence in the Philippines.
