Cathay United Bank Signs Tripartite MOU with PEZA and RCBC to Support Corporate Expansion into the Philippines
MANILA, Philippines, Aug. 28, 2025 /PRNewswire/ -- On August 18, Cathay United Bank (CUB) Manila Branch signed a tripartite Memorandum of Understanding for "Taiwan-Philippines Investment Promotion" with the Philippine Economic Zone Authority (PEZA)[1] and Rizal Commercial Banking Corporation (RCBC)[2]. Under the partnership, CUB and RCBC will serve as investment promotion partners, jointly organizing business forums and seminars to help enterprises identify investment opportunities, while PEZA will provide support with site selection and network building—accelerating the investment process of overseas enterprises in the Philippines.
As one of Taiwan's leading financial institutions, Cathay Financial Holdings (Cathay FHC) has been rooted in Taiwan for over 60 years while actively expanding its presence across Asia. Today, it operates 969 branches and offices in Asia, serving over 15 million customers with a workforce of 53,000 and more than US$400 billion in assets under management. Benny Miao, CUB Executive Vice President noted that infrastructure development and economic reforms are driving increasing investment interest in the Philippines, with more clients seeking advisory services for market entry. He emphasized that this MOU highlights CUB's capability to collaborate with both public and private sector partners abroad and reaffirms its commitment to supporting clients' overseas expansion.
According to Taiwan's Ministry of Economic Affairs, Taiwanese enterprises had invested in 277 projects in the Philippines by the end of 2024, with a total value of US$2.551 billion. The recent tariff agreement between the Philippines and the United States is also expected to attract more manufacturers to relocate their production to the country. Since establishing its Manila Branch in 2015, CUB has built long-term partnerships with local enterprises and, in 2022, pioneered a sustainability-linked loan of NT$675 million in 2022, highlighting its cross-border financing expertise. To enhance services, the Manila Branch relocated its office to the Zuellig Building in Makati in 2024, upgrading its infrastructure and expanding its capacity for superior banking services.
Bryant Cheng, the Head of CUB Manila Branch, remarked that the cooperation not only reflects local recognition of CUB's long-term commitment to the Philippine market but also demonstrates its ability to facilitate global enterprises' entry into the country. He added that CUB will continue to provide one-stop banking services—including account opening and trade financing—while leveraging its regional network and strategic partnerships to help clients capture growth opportunities.
CUB currently operates in nine out of the ten ASEAN countries, maintaining one of the most extensive footprints in Southeast Asia. This tripartite MOU represents a major milestone in Taiwan-Philippines trade relations, further showcasing Cathay FHC's global expertise and reinforcing its ambition to become Asia's leading financial institution.
[1] The Philippine Economic Zone Authority (PEZA), under the Department of Trade and Industry, promotes and manages economic zones, offering incentives and professional support to investors. [2] Rizal Commercial Banking Corporation (RCBC), one of the Philippines' most established banks, provides a wide range of financial services and serves as a key partner for international enterprises expanding locally. |
SOURCE Cathay United Bank
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