CEBU CITY – Hopes are high for the Philippines’ economic growth as bankers are one in believing that the country’s potential is something that the global market should pay attention to.
SANDEEP Uppal, president and CEO of Hong Kong Shanghai Banking Corp. (HSBC)-Philippines, shares his insights during a dialogue titled ‘Unfolding Opportunities’ on September 19 at NuStar Resort and Casino in Cebu City. (Contributed photo)
The country’s enormous economic potential was discussed when several business leaders attended a dialogue titled “Unfolding Opportunities” organized by the Hong Kong Shanghai Banking Corp. (HSBC) on September 19 at NuStar Resort and Casino here.
Top executives of the HSBC in the Philippines hosted the event as part of the company’s campaign celebrating its 150th anniversary.
HSBC brought the dialogue to Cebu as it recognized the Queen City of the South’s important role and contributions to the country’s economy as well as the opportunities here for individuals and businesses looking to expand and grow in Visayas.
“I’ve also been told Cebu is a great training ground for the corporate leaders of the 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, HSBC Philippines, in a speech.
During the dialogue, Uppal highlighted the country’s bullish economy.
The rosy outlook on the country’s economy stems from 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,” said Uppal.
James Cheo, chief investment officer of Southeast Asia and India for HSBC, said that the Philippines is likely to outpace neighbors like Vietnam and Indonesia in the economy and trade race in the Southeast Asian region.
The strong consumption, strong exposure to the expanding business process outsourcing (BPO) industry, and the decision of the US government to cut interest rates are the main reasons for the country’s positive economic outlook.
Cheo advised investors and entrepreneurs present in the event to seek “good sectors” outside the technology market and invest in solid bonds.
“The strength and resilience of the Philippines economy comes from consumption and will also be supported by investments in infrastructure and reforms. Notwithstanding the recent moderation in consumer spending, the Philippines has one of the most favorable demographics in the region and is expected to enjoy the structural tailwinds of its demographic dividends in the years ahead,” said Cheo.