Hongkong and Shanghai Banking Corp. Philippines met with Department of Trade and Industry to discuss possible areas of collaboration and other opportunities both entities can explore in line with the recently signed memorandum of understanding.
“The MOU between BOI and HSBC Philippines will serve as an instrument to facilitate collaboration in terms of investment promotion. We are very grateful for this partnership because it will also enable the conduct of investment seminars and business matching activities that will be helpful to our local businesses,” said Trade Secretary Alfredo Pascual.
The MOU, signed by HSBC Philippines president and chief executive Sandeep Uppal and Board of Investments managing head Ceferino Rodolfo in December 2022, endeavors collaborations in the form of conduct of investment seminars or missions and business matching activities; joint assistance to foster economic and industrial linkages between investors and corporations; and setting up of a special working team, as may be necessary, to undertake the areas of cooperation.
“Through this partnership, the DTI may leverage on the vast network and clientele of HSBC, particularly multinational companies who are seeking to expand in Southeast Asia. This will further expand opportunities for the Philippines and will help us gather more investments that will, in turn, generate more stable, high quality and better-paying jobs for Filipinos,” Pascual said.
Uppal underscored the bank’s dedication to serve the financing needs of the Philippines and other value propositions they can work out with DTI.
“It has always been HSBC Philippines commitment to support the country’s agenda on nation building and economic progress. We are indeed delighted to be in partnership with the DTI and through HSBC’s international network, we hope to bridge the Philippines to growth opportunities across the globe and vice versa,” he said.
Pascual expressed optimism that the MOU and the established strategic partnership between BOI and HSBC would further accelerate and intensify the government’s investment promotion activities and post-pandemic economic recovery initiatives.
HSBC Philippines is one of the leading full service international banks in the country serving customers through three global businesses: wholesale banking, global banking and markets, and wealth and personal banking.
The bank has a network of branches strategically located in Metro Manila, Cebu and Davao, and a global service center servicing local and international HSBC markets.