THE Board of Investments (BoI) and Shinhan Bank Co. Ltd. (SHB), a leading South Korean commercial bank, recently signed a memorandum of understanding (MoU) to attract more Korean investors to the Philippines.
Trade Undersecretary and BoI managing head Ceferino Rodolfo and SHB head of global business promotion division Jang Seongeun led the signing of the MoU for Cooperation on the Promotion of Investments on August 29.
“Nowadays, Korean companies are actively seeking opportunities to advance into the Southeast Asian markets, and among those, the Philippines is one of the most attractive destinations,” Jang said.
He added that Shinhan Bank is committed to provide tailored financial solutions and local market insights to Korean companies through BoI, and ensure their successful expansion into the Philippine market.
For his part, Rodolfo said partnerships of this nature are crucial in maximizing the benefits of the free trade agreement (FTA).
Since formalizing the Philippines-South Korea FTA in 2023, and this year marking the two countries’ 75th anniversary of diplomatic relations, Rodolfo said many Korean companies have shown a growing interest in investing here.
The BoI official also presented more business opportunities in the country, such as in the high-technology agriculture, as well as in semiconductors and electronics, and advanced manufacturing.
In June 2024, the BoI, through its Investments Promotion Services, partnered with the SHB Manila branch for its outbound business mission to South Korea.
DTI, BDO deal
The Department of Trade and Industry (DTI), meanwhile, has teamed up with BDO Unibank Inc. to promote more investments into the Philippines. Joining Rodolfo at the signing ceremony on September 3 was BDO Unibank executive vice president and institutional banking group head Charles Rodriguez.
The partnership also aims to enhance economic and industrial linkages between BoI and BDO client investors and corporations.
“Our goal is not just growth, we aim to transform the Philippine economy. What matters most is the path we take to achieve this, and that means empowering the private sector with market-based tools,” Rodolfo said.
BDO is the country’s largest full-service universal bank, with over 1,700 branches across the Philippines and six international offices in Hong Kong, Singapore, and other key locations.
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