Security Bank, MUFG to help promote Phl
The Board of Investments (BOI) has entered into a partnership with Security Bank Corp. and Bank of Tokyo-Mitsubishi UFJ Ltd. (MUFG) to promote investments in the Philippines.
SBC and MUFG have agreed to jointly assist in fostering economic and industrial linkages between investors and corporations by conducting various investment seminars and business-matching activities.
Security Bank and MUFG will facilitate exchange of information and best practices between Philippine and Japanese investors, which is expected to translate into economic development for both countries.
“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,” Security Bank president Alfonso Salcedo Jr. said.
The MOU aims to generate investments in the industries listed in the Philippines’ 20172019 Investment Priorities Plan (IPP).
The IPP is a list of priority investment activities that may be given incentives by the BOI.
The new IPP ushered in significant additions and changes, taking into consideration the President’s zero + 10-point socio economic agenda, the aspirations embodied in Ambisyon Natin 2040, and the Philippine Development Plan 2017-2022.
“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,” BOI managing head Ceferino Rodolfo said.
Last year, Security Bank and MUFG organized a business-matching event that arranged 200 meetings between Philippine and Japanese corporations.
“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 valueadded financial services in both countries,” said Tatsuto Ishida, general manager of MUFG Manila branch.
In 2016, Security Bank entered into a strategic partnership with MUFG which provided the former with additional capital for long-term funding and business collaboration opportunities.
The partnership supported the acceleration of Security Bank’s long-term growth strategy including expansion of its branch network and increased penetration in the retail market.
MUFG is one of the world’s leading financial groups, with total assets of approximately $2.7 trillion as of September 2017.