The Bank of the Philippine Islands (BPI) and Mizuho Bank, from Japan, have reaffirmed and expanded their partnership of over a decade. The renewed memorandum of understanding reflects a strategic focus on aiding Japanese companies in acquiring businesses and expanding their presence in the Philippines.
The decision comes amid a substantial increase in investments in the Philippines, with approximately 1,400 Japanese companies operating in the country in 2023. Notably, Japan contributed around 60 percent of foreign direct investments during this period.
BPI CEO Jose Teodoro 'TG' Limcaoco emphasized the enduring and growing relationship between Mizuho and BPI. He highlighted that the agreement goes beyond the basics, addressing the expansion of Japanese businesses through various avenues such as mergers and acquisitions, asset management, human resources, and environmental, social, and governance (ESG).
Limcaoco stated, "We are fortunate that this memorandum of understanding goes beyond the fundamentals by addressing the expansion of Japanese businesses through mergers and acquisitions, asset management, human resources, and [environmental, social and governance] in its broader scope of operation". BPI, being the oldest lender in the country, has been catering to the needs of over 500 Japanese companies operating in the Philippines.