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April 12, 2024

BPI, Muzuho Bank renew partnership

Bank of the Philippine Islands (BPI) and Japan’s Mizuho Bank have renewed their partnership spanning more than a decade, with a focus on Japanese companies seeking to expand their presence and pursue acquisitions in the Philippines.

The two lenders signed a memorandum of understanding amid a notable surge in investments in the Philippines, which saw about 1,400 Japanese companies operating within its borders in 2023. Around 60 percent of foreign direct investments originated from Japan.

“This renewed agreement between Mizuho and BPI reflects the resilience and growth of our relationship over the years. We are fortunate that this memorandum of understanding goes beyond the fundamentals by addressing the expansion of Japanese businesses through mergers and acquisitions, asset management, human resources and ESG in its broader scope of operation,” said BPI president and CEO Jose Teodoro Limcaoco.

BPI, the oldest bank in the Philippines, has been catering to the needs of over 500 Japanese companies in the country. Its services include trade products and investment deals, as well as loans tailored to meet various business requirements.

BPI extends its support to the well-being of companies’ employees by facilitating monthly payroll, providing health and insurance coverage, and assisting with retirement planning. The bank also offers support to their suppliers and customers through supply chain products and solutions.

BPI and Mizuho initially forged a strategic alliance in 2012 to offer a spectrum of financial services to Japanese firms expanding into the Philippines. At the time, the partnership primarily focused on local currency services, the introduction of local sales partners, joint efforts in developing credit markets, and the exchange of information regarding local financial markets and regulations.

“With the renewed partnership, it is time to strengthen both our capabilities to better serve a larger customer base. We look forward to more collaborations with BPI as we usher in a brighter era for the Philippines,” said Mizuho Bank managing executive officer and co-CEO for Asia Pacific Yasuhiro Kubota.

About 1,400 Japanese companies were operating in the Philippines as of end-2023. Nearly 60 percent of the country’s foreign direct investments came from Japan.

BPI said it has been servicing more than 500 Japanese companies in the country, offering trade products, providing investment opportunities and lending for capital expenditures and working capital requirements.

It also supports the well-being of the companies’ employees by facilitating monthly payroll, providing health and insurance coverage and assisting with retirement planning. The bank also extends support to their suppliers and customers through supply chain products and solutions.

“BPI’s journey with Mizuho Bank began in 2012 and since then, the partnership flourished, leading to a commitment with mutual growth and success. Our joint venture with Tokyo Century has only strengthened our bond with Mizuho Bank, fortifying the relationship that originated from the initial memorandum of understanding,” said BPI institutional banking head Juan Carlos Syquia.

“May this renewed commitment pave the way for a future of convenient success, shared goals and unwavering partnership,” Syquia said.

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