The Hong Kong and Shanghai Banking Corporation (HSBC) has expressed its commitment to continue investing in the Philippines and supporting the government's economic agenda.

HSBC Holdings Group Chairman Mark Tucker said this as he paid a courtesy visit to President Marcos in Malacañan on Thursday, April 4.

In his remarks, Tucker told Marcos that nothing has changed with how HSBC views the Philippines. It is one of the few international banks that continue to do business in the country.

“Our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” Tucker said.

Tucker also informed President Marcos that HSBC is interested in expanding its investment in the Philippines, particularly in Foreign Direct Investment (FDI), saying it “supports FDI in a number of different ways.”

In addition, Tucker discussed HSBC’s keen interest in exploring opportunities to strengthen the partnership between HSBC and the Philippine government. He also expressed support for the government’s ongoing efforts to curb red tape and promote ease of doing business. 

President Marcos acknowledged the significant contributions of HSBC to the Philippine economy, pointing out the “interconnections” it has made in the Philippines that “will bring about all these synergies.”

“Thank you again for HSBC’s continued interest," he said.

"We continue to encourage, well, the economy, actually, we’ve tried to open it up, we put very, we put much… on the fact that private partnerships are necessary,” he added.

Marcos conveyed the government’s commitment to providing a conducive environment to bolster the confidence of foreign investors in the country, noting that the private sector is among the country’s great economic partners.

The HSBC is one of the world’s leading banking and financial services organizations, with operations spanning multiple regions including Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America. 

It has been operating in the Philippines for almost 150 years since it was established here in 1875. The bank currently has six branches and six wealth hubs in Manila, Cebu, and Davao.

It is ranked 14th as the largest universal bank and second as the largest foreign bank operating in the Philippines with core business segments: wholesale banking, market and securities services, and wealth and personal banking.