The Bank of the Philippine Islands (BPI) has renewed its alliance with Japan's Mizuho Bank Ltd., expanding and strengthening the scope of business cooperation between the two banks.

BPI president and CEO Jose Teodoro Limcaoco said the renewed agreement between BPI and Mizuho reflects the resilience and growth of the 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,' Limcaoco said.

In 2012, BPI and Mizuho Bank entered into an agreement to offer financial services to Japanese companies considering entry to the Philippines.

The partnership 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.

'Our first agreement with BPI was signed in 2012, and since then, the business environment has undergone significant changes. 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,' Mizuho Bank managing executive officer and co-CEO for Asia-Pacific Yasuhiro Kubota said.

BPI institutional banking head John-C Syquia is hopeful that the renewed commitment would pave the way for a future of convenient success, shared goals, and unwavering partnership.

'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,' Syquia said.

As of end-2023, there are about 1,400 Japanese companies operating in the Philippines. About 60 percent of the country's foreign direct investments are from Japan.

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.

The Ayala-led bank 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.

The 172-year old bank also supports the well being of the companies' employees by facilitating monthly payroll, providing health and insurance coverage, and assisting with retirement planning.

The Philippines is expected to enjoy stable economic development as the country continues its upward trajectory from pandemic recovery. Consumer spending growth may recover amid the anticipated easing of inflation this year.

Furthermore, investment spending is poised for growth, following adjustments in the construction sector and the likelihood of interest rates having reached their peak.

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