The Board of Investments (BOI) and Mizuho Bank Ltd. have renewed their partnership to promote the Philippines as an investment destination for Japanese firms.

Trade Undersecretary and BOI managing head Ceferino Rodolfo and Mizuho Bank Manila Branch general manager Masaaki Wada signed a memorandum of understanding (MOU) on July 16.

Under the agreement, both parties committed to continue their cooperation in promoting investment opportunities in the Philippines to Japanese investors.

Through the MOU, the aim is to strengthen their cooperation through the conduct of investment 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.

One of the outcomes of the BOI's partnership with Mizuho Bank was the investment made by Japan's largest furniture and home furnishing chain Nitori Holdings Co Ltd., which opened its first store in the Philippines at the Mitsukoshi Bonifacio Global City in Taguig on April 18.

'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.

The BOI, which is set to hold an investment promotions mission to Japan in the fourth quarter, is looking forward to another opportunity to work with Mizuho Bank.

With the renewed MOU, Wada said Mizuho Bank is hoping for a stronger partnership with BOI.

Mizuho Bank was the first foreign bank to sign an MOU with the BOI for investment promotion cooperation in July 2017.

In 2019, the MOU was renewed with a longer validity period of five years.

Granted an expanded universal banking license by the Bangko Sentral ng Pilipinas in 2009, the Mizuho Bank Manila Branch offers corporate or project finance, syndicated loans, trade settlement, deposit, remittance, as well as foreign exchange and financial advisory to major Japanese and Philippine companies.

Japan has consistently been among the top five sources of investments in the Philippines.

In the latter part of 2023, approved investments from Japan reached P57.47 billion, up 10.6 percent from the previous year.

In terms of sectors, Japanese firms have shown interest in investing in the country in manufacturing; real estate; electricity, gas, steam and air conditioning supply; information and communication and transportation and storage.

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