Security Bank-MUFG tie-up woos investors

Security Bank Corp. and Japan’s largest bank MUFG Bank Ltd. continue to woo foreign investors to set up shop in the Philippines to take advantage of the country’s sustained economic expansion.

Security Bank president Alfonso Salcedo said the institutions convened Japanese and Filipinos businesses at the 2nd Business Matching Fair, following a successful kickoff event in 2017.

“From our kickoff event last year, more clients have expressed their interest in joining the second matching fair. Most of the Philippine and Japanese clients participating this year are new and are excited to hopefully seal business deals,” he said.

The strategic partners have arranged a total of 224 business collaboration meetings to provide clients a venue to expand their network and customer base.

Security Bank and MUFG are expecting 87 large, medium and small-scale businesses from the Philippines, Japan, Thailand and Vietnam, particularly those from the food and beverage, consumer goods, consumer electronics, and cosmetics sectors.

“Investors generally see the Philippines’ strong household spending, strong labor force and the so-called demographic sweet spot as drivers for more foreign direct investments. Security Bank and MUFG are optimistic that businesses can capitalize on this positive economic outlook through the Business Matching Fair,” Salcedo added.

The growing consumer market in the country and the rising purchasing power of Filipinos brought about by tax reform encourage Filipino businesses to expand their portfolios and offer Japanese branded goods.

On the other hand, Japanese consumers are impressed with the quality and standard of the products from the agriculture and fisheries sector in the Philippines.

“Our young and growing population is a key factor for Japanese businesses. Investors are looking for long-term investments that will allow them to capture some of the country’s demographic dividend,” Salcedo said.

Makoto Kobayashi, financial solutions group head at MUFG, said the second business matching event reaffirms the commitment of MUFG and Security Bank towards working together to contribute to the success of both banks, as well as the longterm development of the Philippine economy.