- Region: Asia
- Manufacturing and Services
- Mid-tier Enterprises and Small and Medium-Sized Enterprises(SMEs)
- Overseas Investment Loans
July 31, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement totaling up to USD4.8 million (JBIC portion) with DAIWA SEIKO PHILIPPINES CORPORATION (DSPC), a subsidiary of DAIWA SEIKO CO., LTD. (DAIWA SEIKO) (Headquarters: Osaka Prefecture; President: Yoshihiro Ikeda) in the Philippines. The loan is cofinanced with the cooperation of Kinki Osaka Bank Limited and Rizal Commercial Banking Corporation (RCBC), with the overall cofinancing amount reaching about USD6.935 million.
The loan is intended to finance DSPC for the expansion of production facilities of automobile transmission parts in Laguna Province of the Philippines.
DAIWA SEIKO is a mid-tier enterprise manufacturing and selling mainly agricultural machinery-related and automobile-related parts. The company set up in January 1997 DSPC in the Philippines as its overseas production base. Amid the expected growth of demand for automobile-related parts primarily in Asia, it intends to expand local business by expanding its production facilities. Thus, this loan contributes to maintaining and strengthening the international competitiveness of Japanese industries through support for the overseas business deployment of DAIWA SEIKO.
As Japan's policy-based financial institution, JBIC will continue to support overseas business deployment of Japanese companies, including mid-tier enterprises and small and medium-sized enterprises (SMEs), in Asia's growing markets, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.