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Manila Bulletin devider Business devider Banking & Finance devider BOI, BDO sign deal to boost local investments

BOI, BDO sign deal to boost local investments

Published Sep 10, 2024 07:59 am

The Board of Investments (BOI) and BDO Unibank, Inc. have entered into a partnership to promote investments in the Philippines.

According to BOI, the agreement signed on Sept. 3 strengthens their collaboration on investment seminars and promotion activities, noting that “the partnership also aims to enhance economic and industrial linkages between BOI and BDO client investors and corporations.”

BOI Managing Head and Trade Undersecretary Ceferino S. Rodolfo said the goal is to transform the Philippine economy by supporting the private sector with market-based tools, making the partnership with BDO, the country’s largest bank, important.

Notably, after partnering mainly with foreign banks, “this is the first MOU signed by BOI with a local bank for investments promotion, as other MOUs for investments promotion are with foreign banks,” BOI said in a statement on Tuesday, Sept. 10.

BDO executive Charles Mendoza Rodriguez said the signing of the memorandum of understanding underscored BOI and BDO's commitment to making the Philippines a top investment destination and sustaining its robust economic growth.

“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,” Rodriquez concluded.

BDO, the largest universal bank in the Philippines, provides extensive financial services through over 1,700 branches and six international offices, making it a key partner for investors in the country.

The BOI and BDO have partnered on outbound investor promotion and due diligence, with BDO also playing a key role in the 2021 China International Fair and investment missions in Taiwan. (Derco Rosal)

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