SMALL and medium enterprises (SMEs) in Japan often include the Philippines as a business expansion site with the growing presence of Japanese-speaking staff in some Philippine banks.
BDO Unibank, the country’s biggest bank to date, is one of the local banks with a dedicated Japan desk to serve its Japanese clientele. Commonly referred to as “Japan desk,” this unit is composed of personnel fluent in the Japanese language and also well attuned with the Japanese culture.
“Japanese investors become more comfortable when they talk with someone who are fluent in Japanese and also familiar with the Japanese culture. This is a big attraction for Japanese SMEs to come here in the Philippines to invest,” said Shinji Ayuha, advisor, finance office for SMEs, industry finance group of Japan Bank for International Cooperation (JBIC).
“That’s why a lot of Japanese SMEs want to transact with BDO, because they have a Japan Desk. Aside from opening an account, they are also interested in availing of other products and services of BDO.”
A survey conducted by JBIC in 2016 showed the Philippines remained among the top investment destinations by Japanese firms, naming the country as the eighth most promising country/region for overseas operations over the medium term.
In 2013, BDO and JBIC executed a Memorandum of Understanding (MOU) to develop a framework that would potentially support the banking needs of Japanese enterprises eyeing the Philippines as a business destination. The MOU forms part of JBIC’s agenda, through the Japanese regional financial institutions, to back Japanese mid-tier companies and SMEs hoping to expand in the region.
Based on this MOU, the BDO Japan Desk will be actively utilized to support the expansion of business operations in the Philippines by Japanese SMEs.
Seven Japanese regional banks have agreed to tie up with BDO under the MOU. The number has since increased to 10 regional banks. Japanese SMEs that have business relations with these 10 regional banks are also encouraged to utilize the frameworks for conducting continuous consultations with BDO to support their business expansion in the country.
BDO provides Japanese SMEs financial and nonfinancial advisory services, and other products and services that would be helpful to these firms once they set up shop in the Philippines.