THE Board of Investments (BOI) on Monday signed an agreement with Sumitomo Mitsui Banking Corp. (SMBC) and Rizal Commercial Banking Corp. to draw more Japanese investors to the Philippines.

The deal seeks to deepen cooperation in promoting and facilitating investments across priority sectors.

Signing the agreement were BOI Investments Promotion Services Executive Director Evariste Cagatan, RCBC President and CEO Reginaldo Anthony Cariaso, and SMBC Managing Executive Officer and Head of APAC division Katsufumi Uchida.

“We recognize that in Japan’s business environment, relationships and trust are foundational. In the same way, the BOI places strong importance on building long-term, collaborative partnerships. Hence, we see this partnership as a way to better support companies that are exploring or expanding their presence in the Philippines,” Cagatan said.

In 2025, foreign direct investment (FDI) from Japan totaled $904.15 million, while approved investments amounted to P34.03 billion.

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“Through our collaboration with BOI and RCBC, SMBC looks forward to jointly promoting activities, such as organizing investment seminars and extending assistance to investors that aim to enhance the Philippines’ competitiveness,” Uchida said.

SMBC — a top global financial institution and the core banking subsidiary of Sumitomo Mitsui Financial Group (SMFG) — has a long-standing presence in the Philippines, including being the first to establish a branch in the country following the liberalization of foreign bank entry in 2015.

“This allows us to reach a broader universe of industries. We are no longer just looking at the export market; we are looking at the domestic engines of growth — infrastructure, manufacturing, and the emerging services — that power our daily lives,” Cariaso said.

RCBC — the country‘s fifth largest private universal bank — has 469 branches nationwide as of March 2025.