ASEAN KEY DESTINATIONS
Security Bank, MUFG sign pact with BOI to promote investments
Security Bank Corp. and Japanese partner Mitsubishi UFJ Financial Group Inc. (MUFJ) have signed a memorandum of understanding (MOU) with the Board of Investments (BOI) to implement initiatives that will promote investments in the Philippines.
The three parties agreed to jointly assist in fostering economic and industrial linkages between investors and corporations by conducting various investment seminars and business-matching activities.
The MOU for Cooperation on the Promotion of Investments aims to generate investments in the industries listed in the Philippines’ 2017-2019 Investment Priorities Plan (IPP), Security Bank said.
The IPP is a list of priority investment activities that may be given incentives by 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," said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
"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,” Rodolfo added.
In 2017, SBC-MUFG organized a business-matching event that arranged 200 meetings between Philippine and Japanese corporates.
“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,” Tatsuto Ishida, general manager of MUFG Manila branch, said.
Security Bank and MUFG will facilitate exchange of information and best practices between Philippine and Japanese investors, which they said will translate into economic development for both countries.
Both parties have 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,” Security Bank president Alfonso Salcedo Jr. said.
In January 2016, Security Bank entered into a strategic partnership with MUFG which provided the bank with additional capital for long-term funding and business collaboration opportunities.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below