The Philippine Economic Zone Authority (PEZA) yesterday signed a memorandum of understanding (MOU) with Sumitomo Mitsui Banking Corp. (SMBC) and Rizal Commercial Banking Corp. (RCBC) as the agency’s investment promotion partners to actively encourage and increase investments, especially from Japanese companies.
Tereso Panga, PEZA director-general, said the partnership with SMBC could help the agency tap into broader network of international investors, potentially attracting more foreign direct investments and reinvestments into the economic zones.
Panga said the collaboration with RCBC could streamline processes within the economic zones, making it more efficient and attractive for potential investors.
“Given the financial expertise of SMBC and RCBC, PEZA gains a leverage for the benefit of our locators and stakeholders, especially in starting up their business operations in the Philippines,” Panga said in his remarks.
The MOU was signed by Panga; Eugene Acevedo, RCBC resident and chief executive office; and Yuichi Nishimura, SMBC managing executive officer and co-head of APAC.
Panga said to date, Japan remains PEZA’s top ecozone investor, with 807 registered business enterprises and total investments of P797.84 billion that generated$ 13.45 billion in exports and 336,442 direct jobs as of October 2023.
Nishimura in his remarks noted the great potential of the Philippines as a major growth driver of Asia’s economy in the upcoming years.
Nishimura said Japanese investors accounted for 30 percent of PEZA’s investment approvals in 2023, and Japan continues to be the biggest investor in the Philippine special economic zones.
“Although the world is changing with rising geopolitical risk and uncertainty, I am confident that there is no change to the close relationship between the Philippines and Japan,” he said.
