PEZA taps RCBC, Sumitomo for investment promotion

Two major financial firms on Tuesday signed up as investment promotion partners of the For this, Philippine Economic Zone Authority (Peza), as the agency ramped up joint efforts with the private sector to grow its investment portfolio.For this, Peza onboarded the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) and the Japanese financial giant Sumitomo Mitsui Banking Corp. (SMBC).

“This [partnership] is targeted to spur economic development, continuously positioning the country as an attractive investment destination characterized by agility and responsiveness to the needs and demands of our dynamic investors,” Peza director general Tereso O. Panga.

“The concerted efforts of our esteemed investment promotion partners will actively encourage and increase investments, especially those from Japanese companies,” Panga said during the signing ceremony held at the Peza headquarters in Pasay City.

For his part, SMBC managing executive officer Yuichi Nishimura said that this will be a good opportunity to strengthen existing ties between the Philippines and Japan.“We would like to support Peza’s various activities collaborating with RCBC and foster valuable partnerships between us,” Nishimura said.

See Also

PH Inequality Snapshot

Meanwhile, RCBC president and chief executive officer Eugene Acevedo expressed commitment to foster economic development by attracting and supporting foreign direct investments.

The tripartite agreement was forged as Peza set a goal this year of growing its investment approvals by at least 15 percent from P175.7 billion in 2023. INQ