September 11, 2024 | 12:00am
MANILA, Philippines — The Board of Investments (BOI) has teamed up with Sy-led BDO Unibank Inc. and South Korea’s Shinhan Bank Co. Ltd. (SHB) to work together in promoting investments to the country.
In a statement yesterday, the BOI said it signed a memorandum of understanding (MOU) with BDO on Sept. 3 to promote more investments into the Philippines.
Trade Undersecretary and BOI managing head Ceferino Rodolfo and BDO institutional banking group head Charles Rodriguez signed the agreement.
This is the first signed MOU by BOI with a local bank for investments promotion.
Under the partnership, the BOI and BDO will collaborate and conduct investment seminars, promotion missions and business matching activities to enhance linkages between the agency and the bank’s clients, particularly investors and corporations.
As part of the collaboration, there will be a platform to exchange vital information about the Philippines and potential or target foreign investors on the guidelines for doing business in the country, local industry information, investment projects of interest and investment promotion programs.
“This has been a long time coming. We welcome this collaboration to promote the Philippines as a smart and sustainable manufacturing and services hub in Southeast Asia,” Rodolfo said.
Through the MOU, the country’s largest bank wants to help encourage investments to the country.
“It is our fervent hope that this collaborative initiative with DTI and BOI to promote more investments will further fuel and drive the growth of the Philippine economy. We look forward to the successful execution of our initiatives,” he said.
Aside from BDO, the BOI also entered into an MOU with SHB on cooperation on investment promotions.
Rodolfo signed the MOU with SHB head of Global Business Promotion division Jang Seongeun to work together to attract investments from South Korea.
“We are very excited about the collaboration between the BOI and SHB to attract investments from South Korea as we await the ratification of the free trade agreement between our countries. Partnerships like this are crucial in maximizing the benefits of the FTA. What’s most important is working together to fully realize those advantages,” Rodolfo said.
Jang said Korean companies are actively seeking opportunities to advance into the Southeast Asian markets and the Philippines is considered as one of the most attractive destinations.
SHB, a subsidiary of Shinhan Financial Group Co. Ltd., provides retail and commercial banking services, as well as other related financial services.
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