MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) has facilitated about P5 billion worth of investments by Japanese small and medium enterprises (SMEs) last year.
RCBC said the entry of more Japanese businesses into the country was traced to its alliance with Resona Bank of Japan. In 2012, the two banks entered into a business arrangement that would facilitate, among others, the movement of Japanese SMEs who are Resona Bank clients to the Philippines.
In turn, RCBC would attend to the banking and financial services requirements of the new locators.
RCBC Japan business relationship officer Yasuhiro Matsumoto also revealed that 40 Japanese investors were recently in the Philippines to look at business opportunities.
“The Japanese SMEs presently located in China are looking for new locations in the Asean, and the Philippines is one of their first options,” Matsumoto said in a briefing yesterday.
RCBC’s Japanese desk generated deposits worth P27 billion of which P23 billion are checking and saving account (CASA) and a loan portfolio of P3 billion.
However, the bank also generates other income from foreign currency conversions, remittance services and trust accounts.
Existing Japanese locators are SMEs who, in turn, are partners of major manufacturers such as Epson, Canon, Honda and Mitsubishi. Other SME locators are partners of industrial, electronics, automotive and service industries.
However, Matsumoto admitted there were concerns over energy prices and power supply issues, as well as lack of major infrastructure.