Bank of the Philippine Islands (BPI) said Tuesday it renewed its alliance with Mizuho Bank Ltd. to expand and strengthen the scope of business cooperation between the two lenders.
“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 chief executive Jose Teodoro Limcaoco.
Mizuho Bank is a leading global bank with one of the largest customer bases in Japan and an extensive network of financial and business centers.
BPI and Mizuho Bank are aligned in their mission to become the most trusted financial partner for their clients. In 2012, the two banks signed an agreement to offer financial services to Japanese companies considering entry to the Philippines.
The collaboration focuses on local currency services, introduction of local and sales partners, mutual efforts in developing credit markets and information exchange on 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.