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Manila Bulletin devider Business devider Banking & Finance devider HSBC Philippines expects continued growth in 2024

HSBC Philippines expects continued growth in 2024

Published Sep 10, 2024 08:19 am

HSBC Philippines is optimistic about its growth prospects for the remaining months of the year, driven by the favorable economic environment and declining interest rates.

Sandeep Uppal, HSBC Philippines president and chief executive officer, said the local unit of the British banking giant is maintaining its universal banking strategy to capitalize on rising consumer demand, international corporate expansion, and strategic partnerships.

Uppal noted the bank's strong performance this year across its retail, corporate, and institutional divisions.

He now expects that the declining interest rate environment will stimulate capital expenditure and consumer finance, further driving economic activity and benefiting HSBC's position.

“So our strategy in the Philippines is built around the universal banking model, which anyway has a very high component of digital,” Uppal told reporters on Tuesday, Sept. 10. “So for us, no change in strategy.”

Uppal, meanwhile, said that while the bank currently faces no significant challenges, global geopolitical events and the outcome of the US elections could potentially introduce unforeseen risks.

Last week, HSBC Global Research forecast the central bank may cut key policy rates by 25 basis points to 6.00 percent in the fourth quarter of 2024, but some expect a 50 bps cut, with slower-than-expected inflation potentially slowing this easing.

Moreover, the research group expects the central bank to pause rate cuts in October and resume easing in December, possibly limiting cuts to just one 25 bps in 2024 due to economic data and Typhoon Enteng's impact. (Derco Rosal)

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