Manila, 26 January 2018 – Security Bank Corporation (SBC) and Mitsubishi UFJ Financial Group’s commercial banking arm The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG) signed a Memorandum of Understanding (MOU) with the Philippine Board of Investments (BOI) to implement initiatives that will promote investments in the country.
SBC and MUFG, serving as BOI’s strategic partners, have agreed through a Memorandum of Understanding, 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).
The IPP is a list of priority investment activities that may be given incentives by the BOI. With the theme “Scaling Up and Dispersing Opportunities,” the 2017 IPP brings forth significant additions and changes, following the President’s Zero + 10-point Socio Economic Agenda, the aspirations embodied in Ambisyon Natin 2040, and the Philippine Development Plan 2017-2022.
“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.
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,” said Mr. Tatsuto Ishida, General Manager of MUFG Manila Branch.
SBC and MUFG will facilitate exchange of information and best practices between Philippine and Japanese investors, which 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,” said Security Bank President Alfonso L. Salcedo, Jr.
In January 2016, SBC entered into a strategic partnership with MUFG which provided SBC with additional capital for long-term funding and business collaboration opportunities. The partnership supported acceleration of SBC’s long-term growth strategy including expansion of its branch network and increased penetration in the retail market.