MANILA, Philippines—The country’s largest lender Banco de Oro Unibank has teamed up with an army of Japanese regional banks to support Japanese companies keen on investing in the Philippine market.
The move seeks to capitalize on growing interest of Japanese investors in the country, Asia’s fastest growing economy in the first quarter when it posted 7.8 percent in domestic economic growth.
The Japanese regional banks with which BDO entered into partnerships are Hokuto Bank, Ltd., Shonai Bank, Ltd., Joyo Bank, Ltd., Chiba Kogyo Bank, Ltd., Juroku Bank, Ltd., Awa Bank, Ltd., and Daisan Bank, Ltd.
In a press statement, BDO said this would be “to support Japanese mid-tier companies and SMEs interested in operating in the Philippines.”
These partnerships were prompted by the memorandum of understanding sealed by BDO with the Japan Bank for International Cooperation (JBIC) in March, essentially promoting the development and strengthening of a framework to support Japanese mid-tier companies as well as SMEs through Japanese regional financial institutions.
The Japanese regional banks, strategically situated in the various prefectures of the world’s third largest economy, will serve as conduits for SME clients that require banking support when they decide to set up shop in the Philippines.
“As one of the country’s leading financial institutions, BDO can provide the Japanese SMEs financial and non-financial advisory services, and other products that can aid them in their expansion,” BDO said.
The banking arm of tycoon Henry Sy said it continued to collaborate closely with JBIC to explore more tie-ups and potentially assist the Japanese SMEs to establish operations throughout the Philippines, including the special economic zones.