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Philippines Economic Briefing: Hard-Won Reforms To Boost Economic Resurgence

(from left to right) Managing Director Mr. Hiroyuki Kinoshita, Senior Managing Executive OfficerMr. Tatsuya Suzuki, National Treasurer Rosalia de Leon, Undersecretary Mark Dennis Joven,Senior Managing Executive Officer Mr. Nobuyuki Kawabata, Secretary of Finance Carlos G. Dominguez III, and Ambassador Jose C. Laurel V

26 April 2022 – The Philippine Investment Briefing, organized by the Philippine Embassy, SMBC Group, the Department of Finance (DOF), and Bureau of Treasury (BTR), held today at the Imperial Hotel, was attended by Japanese portfolio and direct investors.

Ambassador Laurel V welcoming the Japanese investors and expressing his appreciation for the continued trust and confidence in the Philippine economy.

The event aims to provide Japanese investors with a comprehensive update on the macroeconomic performance of the economy and game-changing reforms to put the Philippine economy on the path of sustained high growth.

In his remarks, SMBC Nikko Securities, Inc. Representative Director and Chairman Yasuyuki Kawasaki stated that under the administration of President Rodrigo Roa Duterte “aggressive infrastructure building drive and bold tax reforms have accelerated the momentum of Philippine economic growth, including declining unemployment and rising revenue. The Duterte administration marked its final full year with an all-time high record of foreign direct investments amounting to USD 10.5 billion.”

Ambassador Laurel conveyed his gratitude to the SMBC group for continuing to update investors about the Philippines’ credit rating and for the close dialogue between investors and the Philippine Treasury team to materialize the first zero-coupon samurai bond last year and the first ever ASEAN Sustainability bond transaction issued this month, with the latter raising JPY70.1 billion.

In his presentation, Secretary of Finance Carlos G. Dominguez III invited investors to further invest and expand their businesses in the Philippines. He mentioned that the Philippines has fully opened the economy and allowed the entry of international travelers who have been vaccinated. “The return to robust economic activity is evident in the 5 percent growth of our revenue collection in 2021 compared to 2020. This year, we expect to fully bring back our revenue collection to pre-pandemic levels.”

Secretary Dominguez updating the investors on the Philippines’ economic bills that will make the Philippines more attractive to Japanese investors.

Secretary Dominguez emphasized that the next president “will inherit many hard-won reforms that will boost our economic resurgence.” He invited the Japanese investors to look closely at the Philippine economy in the light of the pro-business policies instituted by President Duterte over the last five and a half years. “The Philippines is a growth leader in the region and a reliable host for international partnerships,” Secretary Dominguez concluded.

Secretary Dominguez inviting Japanese investors to further invest and expand their businesses in the Philippines.

In closing, Senior Managing Executive Officer Nobuyuki Kawabata stated that the “SMBC Group has proclaimed ‘Expand franchise in Asia’ and we are proceeding with initiatives with the Philippines as one of our most important countries.”

He affirmed that the SMBC Group will continue to contribute to the Philippine economic growth by centralizing the Group’s comprehensive strengths and enhance financial services for investors and companies.

Sumitomo Mitsui Banking Corporation opened a representative office in the Philippines in 1975 and have been providing financial support to Japanese and local corporate customers for more than 46 years. It also acquired a portion of shares in RCBC in June last year in addition to its long-standing relationship with Metrobank.