Prominent leaders from key departments of the Philippine government and corporations from across the globe convened at the Makati Shangri-La Rizal Ballroom to tackle the growing economic opportunities and challenges in the country.
HSBC Philippines, one of the country’s leading full service international banks, has successfully mounted their flagship conference “On Fertile Ground: Offering a world of opportunity in the Philippines” which primarily focused on exploring the numerous economic opportunities the Philippines has been experiencing in recent years. Through the recently held thought leadership event, distinguished officials were able to share valuable insights into the country's economic trends and development plans, emphasizing the importance of public-private partnerships (PPP) in driving growth and innovation.
“The Philippines is currently one of the fastest growing economies in ASEAN. It is indeed on fertile ground, ready and geared-up for growth. Businesses seeking to enter Southeast Asia see the Philippines as the region’s point of entry and one of the top new markets for expansion,[1]” said HSBC Asia Pacific Co-CEO Surendra Rosha in his opening speech while referencing the recently released HSBC Global Connections survey. “HSBC’s global footprint and our market-leading cross-border banking solutions make us the ideal partner to match the Philippines’ strengths with opportunities all around the globe,” he added.
One of the event’s distinguished guests, Department of Budget and Management Secretary Amenah Pangandaman doubled down on the importance of PPP when she said, “Through the help of our partners in prosperity such as HSBC and all of you in the business community, I am confident that we can achieve our medium term objective of becoming an upper-middle income country by 2028.” She ended her speech with a call of action: “Together, let's open up a world of opportunity and make the Philippines an investment destination.”
The event was also graced by the presence of the Secretary of the Department of Trade and Industry, Hon. Alfredo Pascual. Leaders from different corporations including Doris Magsaysay Ho, President and CEO of Magsaysay Group of Companies, Cezar Consing, President and CEO of Ayala Corporation, Lance Gokongwei, President and CEO of JG Summit Holdings, Inc., Kais Marzouki, Chairman and CEO of Nestle Philippines, and Sandeep Uppal, President and CEO of HSBC Philippines formed the powerhouse line-up of panelists.
Attractions and opportunities in the Philippine Economy
Despite facing economic challenges, the country has consistently proven itself to be a key magnet for investors because of the combination of factors that makes it an attractive choice in the South East Asian region - the robust services sector, strong domestic consumption, and its demographic advantage.
Further discussing the opportunities and challenges in the Philippine economy, panel speakers gave insights from the private sectors’ point of view.
Speakers put emphasis on the opportunity in the increasing population of working age Filipinos and improving consumption rates in the country over the years.
“In terms of working age Filipinos, this number continues to increase in the country. Historically, when we have increasing working age citizens, that usually marks a period of great growth for various countries,” said Lance Gokongwei during the panel discussion.
Competitive wage prices and the opportunity to develop and test new products and solutions are also deemed as key drivers for business expansion during the discourse.
Panelists also expressed their insights on how to maximize the economic strength and opportunities with synergies between the private and public sectors in the country, as well as improvement of the infrastructures, educational systems, and public service systems through keeping up with digitalization.
HSBC Philippines President and CEO Sandeep Uppal shared that HSBC remains very positive with the Bank’s business in the country when said, “The Philippines’ opportunity is best defined by the 3 “Gs:” a growing economy; growing population; and growing trade liberalization --- these make the country an attractive investment destination.”
Uppal also emphasized the importance of being ambassadors to keep investors interested in doing business in the Philippines. “As the world of Foreign Direct Investment (FDI) is a competitive one, we should share the Philippines’ growth story consistently at every opportunity with overseas investors and help investors bring or expand their businesses here in the Philippines,” he concludes.
Following the panel discussion, guests had the opportunity to network and engage in conversations during the post-event cocktail reception.
In summary, the Philippines, notwithstanding its economic hurdles, has managed to remain a key investment destination in Southeast Asia. The country’s youthful population, robust services sector, resilience, and strategic initiatives by the government continue to attract investors seeking opportunities in this dynamic and promising market. As the country continues to navigate economic fluctuations, it does so with an eye on a brighter, more prosperous future, solidifying its position as a resilient investment hub in the region.
For more information about HSBC’s promising initiatives, services, and other updates, visit their website at https://www.hsbc.com.ph/ and follow their Facebook page.
[1] Businesses see the Philippines as key entry to Southeast Asia - BusinessWorld Online (bworldonline.com)