PARTNERSHIP. Officials of the Hongkong and Shanghai Banking Corporation (HSBC) pay a courtesy visit to President Ferdinand R. Marcos Jr. at the Malacañan Palace on Thursday (April 4, 2024) where its officials expressed commitment to support the government’s economic agenda and continue investing in the Philippines. The President, for his part, welcomed HSBC's continued commitment to partner with the country. (Presidential Communications Office Photo)
MANILA – President Ferdinand R. Marcos Jr. on Thursday welcomed the commitment of the Hongkong and Shanghai Banking Corporation (HSBC) to support the government’s economic agenda and continue to invest in the Philippines.
HSBC Holdings Group officials, led by its Chairman Mark Tucker, paid a courtesy visit to the President at the Malacañan Palace and expressed its intention to continue expanding in the country.
“Today, we are left as one of the few international banks. But our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” Tucker told Marcos.
He added that HSBC, which has been operating in the Philippines for almost 150 years, is interested in expanding its investment in the Philippines, particularly on foreign direct investment (FDI), saying it “supports FDI by a number of different ways.”
For his part, the chief executive acknowledged the significant contributions of HSBC to the Philippine economy, pointing out the “interconnections” it has made in the country.
“Thank you again for HSBC’s continued interest. We continue to encourage (foreign investments). The economy, actually, we’ve tried to open it up, we put very, we put much (importance)… on the fact that private partnerships are necessary,” Marcos said.
The President added the private sector is among the country’s great economic partners.
With six branches and six wealth hubs in Manila, Cebu and Davao, HSBC is the 14th largest universal bank and second largest foreign bank operating in the Philippines with core business segments that include wholesale banking, market and securities services, and wealth and personal banking. (PNA)
