Metrobank partners with JBIC

MANILA, Philippines - Metropolitan Bank and Trust Co (Metrobank) signed recently a Memorandum of Understanding (MOU) with the Japan Bank for International Cooperation (JBIC) for the development and the strengthening of a framework to support Japanese mid-tier enterprises as well as small and medium enterprises (collectively “SMEs”) through Japanese regional financial institutions.

Under the terms of the MOU, JBIC will conduct continuous consultations with Metrobank, primarily through its Japan Desk, to support business expansion in the Philippines of SMEs with which Japanese regional financial institutions have business relations. JBIC will work with Metrobank and financial institutions in Japan to provide financial and non-financial support to the latter’s clients as they enter or expand in the Philippine market.

“This MOU represents a clear commitment for Metrobank to explore cooperation with JBIC to fund and develop entrepreneurial ventures by Japanese firms in the Philippines. We believe that this collaboration will spur mutually beneficial trade and economic cooperation that will redound to job and wealth generation for thousands of Filipinos and sustainable growth for Japanese entrepreneurs,” said Vicente Cuna, Jr., senior executive vice president and head of the institutional banking sector of Metrobank.

JBIC is a policy-based financial institution wholly owned by the Japanese government, which has the purpose of contributing to the sound development of Japan and the international economy and society, while having the objective of supplementing the financial transactions implemented by ordinary financial institutions. JBIC was mandated by Japan’s Financial Services Agency, the Ministry of Finance and the Ministry of Economy, Trade and Industry to work with the Regional Banks Association of Japan and Japanese SMEs strengthen partnerships with foreign financial institutions, while identifying the needs of SMEs for expanding overseas business operations, particularly in Asia. Aside from Metrobank for the Philippines, JBIC has signed MOUs for similar arrangements in Thailand, Indonesia and India.