November 6, 2024 | 12:00am
MANILA, Philippines — HSBC Philippines has expressed confidence in the economic trajectory of the Philippines, projecting a robust growth of 6.7 percent in 2026, making the country a “rising star” in the Association of Southeast Asian Nations (ASEAN) region.
HSBC Philippines president and CEO Sandeep Uppal told reporters yesterday that the bank plans to drive both economic growth and sustainability over the next few years, focusing on strategic investments and partnerships to support the nation’s development.
“A key driver of economic growth is strong collaboration between the private sector and the government. As a global bank with deep local expertise, we’ve always been committed to acting as a bridge to unlock opportunities for development,” Uppal said.
“We’re optimistic about what we can do to collectively propel the Philippines from ASEAN’s rising star to Asia’s superstar,” he said.
Uppal said that in order for the Philippines to become Asia’s superstar, the country has to grow above seven percent to a double-digit GDP figure in the coming years.
According to HSBC Global Research, the country’s gross domestic product (GDP) is expected to reach 5.8 percent in 2024 before picking up to 6.4 percent in 2025 and 6.7 percent in 2026.
By 2026, the Philippines is expected to be one of the region’s top performers and the highest in ASEAN in terms of GDP growth.
Corrie Purisima, head of markets and securities services at HSBC Philippines, said that a young demographic, rapid digitalization, remittance growth and strong employment are all contributing to the strong economic progress of the country.
“We see our role as enablers in bridging our country and our clients to the rest of the world, so we want to build the opportunities for internationalism and bring in investments coming into the country,” she said.
HSBC Philippines head of wholesale banking Mimi Concha said the global banking giant has taken part in nation-building and worked with the Philippine government to support projects and initiatives geared toward long-term growth for the country.
“Apart from meeting our clients’ needs, we’ve also remained dedicated to a larger purpose: enabling economic growth. Not only does that benefit the Philippines at large, but it also provides a world of possibilities for our clients who are chasing their own opportunities,” she said.
This year, HSBC signed a memorandum of understanding with the Philippine Economic Zone Authority. The bank also brought a delegation to India to explore opportunities in the pharmaceutical and IT sectors.
Apart from sponsoring Philippine economic briefings in different countries, HSBC has also been arranging the country’s economic team with one-on-one investor meetings abroad.
On the corporate side, HSBC has helped businesses to make their operations more efficient through digitalization. It has also seen tremendous growth in supply chain financing.
HSBC also partnered with PLDT for both their green loan and social loans to allow the telco giant to extend their network to underserved areas in the Philippines.
“In 2025, I’m very excited about the next three years because I know HSBC is very committed to growing our business here, not just in wholesale banking, which I look after, but also on the retail side,” Concha said.
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