The memorandum of understanding (MOU) was recently signed by The Department of Trade and Industry (DTI), through the Board of Investments (BOI), and Mizuho Bank, Ltd. aiming to support the investors of Japanese to Philippines cooperation.
The BOI stated that the MOU was signed by Trade Undersecretary, BOI Managing Head Ceferino Rodolfo and Mizuho Bank Manila general manager Masaaki Wada at the BOI office in Makati City.
The MOU aims to strengthen their cooperation to promote investments over the conduct of 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 told.
Rodolfo conveyed his appreciation to Mizuho Bank Manila branch its support and participation in the investment promotion missions to Japan, adding that at least three Japanese firms successfully established their presence in the Philippines as a result of these meetings.
One of the tangible outcomes of the collaboration was Nitori Holdings Co., Ltd.'s investment in the Philippines. Nitori, the largest furniture and home furnishing chain in Japan, opened its first store in Taguig City early this year. The company intends to open more stores before next year.
"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.
Japan has continuously ranked among the top five sources of investment in the Philippines for several years. In the previous year, japan has seen a rise up by 10.56 percent, were the approved investments was amounted to PHP57.47 billion. Japan has continuously ranked among the major sources of investment in Philippines for many years now.
Rodolfo said he is looking forward to another opportunity to work with Mizuho Bank for the upcoming BOI investments promotion mission to Japan in the last quarter of 2024.