Bankers maintain confidence in PH’s economic growth story
Sandeep Uppal shares how Philippines is an attractive destination for new investments or market expansion. | HSBC
CEBU CITY, Philippines – Bankers here remain optimistic about the Philippines’ economic growth, noting that the global market should pay attention to the country’s potential.
Recently, top executives of the Hong Kong Shanghai Banking Corp. (HSBC) in the Philippines visited Cebu as part of their campaign celebrating the bank’s 150th anniversary.
They hosted a dialogue at NuStar Resort and Casino on September 19 titled “Unfolding Opportunities,” which was attended by several business leaders in the Visayas region.
HSBC chose to mark this milestone in Cebu, highlighting the city’s significant role and contributions to the country’s economy, as well as the opportunities available for individuals and businesses looking to expand and grow in the Visayas.
“I’ve also been told Cebu is a great training ground for the corporate leaders of Philippines, and the number of leaders we worked with are all from Cebu. Many called this the Queen of South which I can see why,” said Sandeep Uppal, President and CEO of HSBC Philippines, in a speech.
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During the event, leaders at HSBC also presented a rosy outlook on the Philippines’ economy.
Uppal cited three factors as to why they have reached this observation – growing economy, growing population, and “growing trade liberalization and emerging sectors for investments.”
“All these factors make the Philippines an attractive destination for new investments or market expansion for any business linked to consumption and infrastructure development,” he added.
In addition, James Cheo, chief investment officer for Southeast Asia and India at HSBC, predicted that the Philippines may outpace neighbors like Vietnam and Indonesia in the economic and trade race in the Southeast Asian region.
This outlook is due to strong consumption, significant exposure to the expanding business process outsourcing (BPO) industry, and the U.S. government’s decision to cut interest rates, said Cheo.
The HSBC executive also advised investors and entrepreneurs at the event to seek “good sectors” outside the technology market and to invest in solid bonds. /clorenciana
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