DAVOS, Switzerland — American multinational investment management and financial services company Morgan Stanley is set to open an office in Manila, Malacañang said.
Communications Secretary Cheloy Garafil said this following the meeting between President Ferdinand "Bongbong" Marcos Jr. and Morgan Stanley chairman for Asia-Pacific Gokul Laroia on the sidelines of the 2023 World Economic Forum (WEF) here.
According to Garafil, Laroia told Marcos of their plans to set up an office in the Philippines.
"Mr. Laroia informed President Marcos that the top global investment bank will set up office in Manila," she said.
Morgan Stanley is a financial services corporation that advises, originates, trades, manages, and distributes capital for institutions, governments, and individuals.
The New York-based company operates in Institutional Securities, Wealth Management, and Investment Management.
Glencore
Aside from his meeting with Morgan Stanley's Laroia, President Marcos met with Glencore chief executive officer Gary Nagle on the sidelines of the 2023 WEF. Joining Marcos was Trade Secretary Alfredo Pascual.
Garafil said Marcos and Nagle discussed the company's interest in expanding mining and processing operations in the Philippines.
Glencore, a Swiss multinational company, is one of the world's largest and most globally diversified natural resource companies.
"They see the Philippines as a potential partner to process nickel and copper resources responsibly and sustainably for use in electric vehicle batteries and energy storage units, among others," she said.