Sumitomo Mitsui Banking Corp. signed a memorandum of understanding on the 27th with the Philippines’ Board of Investments (BOI), an agency under the Department of Trade and Industry, and local lender Rizal Commercial Banking Corp. (RCBC) to cooperate on promoting business ties, including encouraging foreign direct investment in the Philippines.
Under the MOU, the three parties will jointly hold investment and economic seminars and share information with companies considering entering the Philippine market or expanding operations there. The information will cover the latest investment climate, tax and investment incentives, and trends in priority industries. They also plan to use the BOI’s nationwide reach to continue supporting companies in addressing operational issues after investing.
Sumitomo Mitsui previously signed an MOU in January 2024 with the Philippine Economic Zone Authority (PEZA) and RCBC. A representative at the bank’s Manila branch said interest is rising among foreign companies looking to tap Philippine domestic demand, adding, “By working with the BOI in addition to PEZA, which mainly handles attracting export-oriented investment, we will be able to provide more advanced support to meet a wider range of customer needs.”
Sumitomo Mitsui acquired 4.99% of RCBC shares in June 2021 and raised its stake to 20% in July 2023. It bought additional shares in December 2025, bringing its current ownership to 24.46%.
* This article has been translated by AI.
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