Security Bank, MUFG ink deal with BOI to promote investments
Security Bank, Bank of Tokyo officials ink partnership with BOI
Banking partners Security Bank Corp. and The Bank of Tokyo-Mitsubishi UFJ Ltd. (MUFG) have entered into a pact with the Philippine Board of Investments (BOI) to implement initiatives to promote investments, such as through business matching activities for Philippine and Japanese investors.
Security Bank and MUFG signed a memorandum of understanding (MOU) with the BOI 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), a list of priority investment activities that may be given incentives by the BOI.
“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.
Ahead of this MOU, Security Bank and MUFG organized last year 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 Tatsuto Ishida, General Manager of MUFG Manila Branch.
Security Bank and MUFG have committed to 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 Salcedo Jr.
In January 2016, Security Bank entered into a strategic partnership with MUFG which provided SBC with additional capital for long-term funding and business collaboration opportunities. MUFG now owns 20 percent of Security Bank.
The partnership supported acceleration of Security Bank’s long-term growth strategy, including the expansion of its branch network and increased penetration in the retail market.
