Recently the huge international financial firm The Hongkong and Shanghai Banking Corporation (HSBC) confirmed its commitment to investing in the Philippines and supporting the government’s economic agenda which President Ferdinand “Bongbong” Marcos, Jr., welcomed, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
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.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think HSBC’s commitment will encourage other international financial firms and foreign investors to support the national economy?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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