BOI enlists SMBC, RCBC to help drive Japanese investment
Published Apr 27, 2026 03:40 pm
IPS Executive Director Evariste M. Cagatan (sitting; center), SMBC Managing Executive Officer and Head of APAC Division Katsufumi Uchida (sitting; left), and RCBC President and CEO Reginaldo Anthony B. Cariaso (sitting; right) during the signing ceremony at the BOI Main Office. Joining them are IIPS Director Lanie Dormiendo (standing; center), Mr. Hiroyasu Kanda, SMBC Manila Branch Managing Director and Country Head (standing; left), and Ms. Elizabeth E. Coronel, RCBC Executive Vice President and Group Head of Institutional Banking Group (standing; right).
The Board of Investments (BOI) has formalized a tripartite agreement with Sumitomo Mitsui Banking Corp. and Rizal Commercial Banking Corp. (RCBC) to bolster the pipeline of Japanese capital into the country, targeting a broader array of domestic industrial sectors.
In a statement on Monday, April 27, the BLI said the memorandum of understanding established a framework for enhanced information exchange and joint investment promotion activities.
The partnership was a shift for the lenders, moving beyond specialized economic zones to target the wider Philippine domestic market, including infrastructure, manufacturing, and emerging services.
Evariste M. Cagatan, BOI investment promotion services executive director noted that the collaboration leverages the deep institutional ties Japanese firms maintain with their financial providers.
In Japan’s corporate culture, where trust and long-term relationships are foundational, the involvement of SMBC and RCBC acts as a critical bridge for companies exploring or expanding their Philippine footprint, Cagatan said.
The agreement comes as the Philippines seeks to maintain its momentum as a regional investment destination despite global macroeconomic headwinds.
Reginaldo Anthony B. Cariaso, RCBC president and chief executive officer, said the partnership allows the banks to move beyond the export-oriented market to support the “domestic engines of growth” that power the local economy.
SMBC, the core banking unit of Sumitomo Mitsui Financial Group Inc., was the first foreign lender to establish a branch in the Philippines following the 2015 liberalization of the banking sector.
Katsufumi Uchida, SMBC managing executive officer and head of the APAC division, said the bank intends to organize investment seminars and provide direct assistance to investors to improve the country’s competitive standing.
The Philippines continues to view Japan as a primary economic partner. In 2025, foreign direct investment inflows from Japan reached $904.15 million, while the BOI recorded ₱34.03 billion in approved Japanese investments.
These funds remain concentrated in high-value sectors including semiconductors, electronics, automotive manufacturing, and business process outsourcing.
RCBC, currently the fifth-largest privately owned universal bank in the Philippines with 469 branches as of March 2025, has previously collaborated with the BOI on business matching and investor facilitation. This latest pact scales those efforts to a national level, aiming to streamline the entry of Japanese firms into the local market.