SMBC, RCBC ink MOU to promote foreign direct investments to the Philippines

They do this alongside the Philippine Economic Zone Authority.

Sumitomo Mitsui Banking Corporation has inked a memorandum of understanding (MOU) with the Rizal Commercial Banking Corporation (RCBC) and the Philippine Economic Zone Authority of the Republic of the Philippines (PEZA) with the goal of promoting foreign direct investments into the Philippines.

SMBC, who owns 20% of RCBC’s shares, first inked an agreement with PEZA in 2015.

PEZA is a government agency responsible for “accepting and consulting investment applications by foreign companies, as well as serving as a key point of contact for foreign companies considering investment and expansion in the Philippines,” SMBC said in a press release.

Under their partnership, SMBC, RCBC, and PEZA will jointly hold investment seminars and help thieor customers prusue business expansion opportunities in the Philippine market.