The MOU establishes mutually-beneficial cooperation to promote investment opportunities through investment seminars and business-matching activities in the manufacturing, services and retail sectors and other joint efforts that will foster economic and industrial linkages between investors and companies from the Philippines and Japan. 

Officials and representatives of 14 Japanese firms including car parts manufacturer Kitsuki Harness, housing equipment firm Oita Juki, supermarket chain Super Hosokawa, restaurant chains Sofuren and Daishin Sangyo and coffee equipment maker Sanyo Sangyo were present during the signing. Oita Bank, based in Oita, Kyushu region in Japan has assets of around US$29 billion.

Since its founding in 1893, it has provided financial services to individual and corporate clients, stepping up economic growth in the Oita prefecture and the greater Kyushu region.  The region is home to some of the world’s most prominent companies in the high-tech, automotive and retail industries.