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The Philippine Economic Zone Authority teamed up with Sumitomo Mitsui Banking Corp. and Rizal Commercial Banking Corp. to boost Japanese investments in the Philippines
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Under a memorandum of understanding, SMBC and RCBC were designated PEZA investment promotion partners to help increase investments, particularly from Japanese companies
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A joint promotion mission is slated for March 2024, providing PEZA with an opportunity to directly showcase the Philippines and its ecozone model to clients of SMBC
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The partnership aims to create a seamless ecosystem connecting Japanese investors with opportunities offered by the Philippines
The Philippine Economic Zone Authority (PEZA) has teamed up with Sumitomo Mitsui Banking Corp. (SMBC) and Rizal Commercial Banking Corp. (RCBC) to boost Japanese investments in the Philippines.
The collaboration—formalized through a memorandum of understanding on January 23—designates SMBC and RCBC as PEZA’s investment promotion partners, with a primary focus on actively encouraging and increasing investments, especially from Japanese companies.
A joint promotion mission is on the horizon in March 2024, providing PEZA with an opportunity to directly market the Philippines and its ecozone model to clients of SMBC.
Tereso Panga, PEZA director-general, expressed confidence in the partnership’s potential, stating, “With SMBC, a globally renowned Japanese financial institution, and RCBC, a leading bank in the Philippines, we are poised to create a powerful synergy that will significantly contribute to the economic landscape of the Philippines.”
SMBC’s Managing Executive Officer and Co-head of Asia-Pacific Division, Yuichi Nishimura, emphasized the strong, longstanding relationship between Japan and the Philippines.
Eugene Acevedo, President and CEO of RCBC, highlighted the collaborative efforts, stating, “Together with PEZA and SMBC, we are creating an ecosystem that will facilitate seamless connections between Japanese investors and the vibrant opportunities that the Philippines has to offer. It’s easier to progress if the public and private sectors are aligned.”
Japanese firms continue to lead investments in PEZA, boasting 807 registered business enterprises with a total investment of P797.84 billion, US$13.45 billion in exports, and the creation of 336,442 direct jobs as of October 2023. Additionally, nine approved big-ticket investment projects from Japanese investors amounting to P60.41 billion were recorded from July 2022 to December 2023.
SMBC, a core unit of the Sumitomo Mitsui Financial Group, is one of Japan’s leading banks, offering a broad range of financial services, including banking, leasing, securities, credit cards, investments, mortgage securitization, and venture capital.
RCBC—involved in all aspects of traditional banking including investment banking, and microfinance—plays a pivotal role in fostering a conducive environment for Japanese investments in the Philippines.
