MANILA, Philippines —Two major financial firms on Tuesday signed up as investment promotion partners of the Philippine Economic Zone Authority (Peza), as the agency ramped up joint efforts with the private sector to grow its investment portfolio this year.
To help in such efforts, the Peza onboarded the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) and Japanese financial giant Sumitomo Mitsui Banking Corp. (SMBC).
“This [partnership] is targeted to spur economic development, continuously positioning the country as an attractive investment destination characterized by agility and responsiveness to the needs and demands of our dynamic investors,” Peza Director General Tereso O. Panga.
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“The concerted efforts of our esteemed investment promotion partners will actively encourage and increase investments, especially those from Japanese companies,” Panga said during the signing ceremony held at the Peza headquarters in Pasay City.
Investment potentials
SMBC managing executive officer Yuichi Nishimura said this will be a good opportunity to strengthen existing ties between the Philippines and Japan.
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“We would like to support Peza’s various activities collaborating with RCBC and foster valuable partnerships between us,” Nishimura said.
Meanwhile, RCBC president and chief executive officer Eugene S. Acevedo expressed their commitment to foster the Philippines’ economic development by attracting and supporting foreign direct investments.
“Five decades ago, in 1974, we were the first local bank to establish a Japan desk,” Acevedo said. “This year, we are celebrating 50 years of being a leading player in the Japanese market, having built a strong foundation and lasting relationships that have withstood economic crises and even the COVID-19 pandemic.
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RCBC and SMBC noted a lot of potential in future investments in the manufacturing and the renewable energy sectors.
The tripartite agreement was forged as Peza set a goal this year of growing its investment approvals by at least 15 percent from the P175.7 billion worth of new and expansion projects approved in 2023.
Based on Peza data, Japan is the top source of foreign investments in Philippine ecozones, accounting for 27.34 percent of total inflows.