British banking giant HSBC sees the Philippines in a good position to benefit from China’s One-Belt-One-Road initiative and the unification of Southeast Asian economies in attracting investments and opening doors for local groups aspiring to expand within the region.
In a briefing last week, HSBC country chief executive Wick Veloso said among the measures he would like to see taking off under the Philippines’ chairmanship of the Association of Southeast Asian Nations (Asean) this year would be the harmonization of securities registration requirements.
“A lot of our local companies are interested to diversify in Asean and for them to be able to use the registration papers locally and be able to issue debt, hypothetically, in Malaysia etc., is something very welcome,” Veloso said.
He noted President Duterte has visited all Asean countries within his first year in office in order to understand how best to make his chairmanship of the economic bloc’s 50th anniversary more meaningful.
The banker noted more and more Philippine businesses were expanding and setting up shop in Asean and China.
“The Philippines, with a population of 101 million and a population growth rate of 2.2 percent and median age of 23 years old, will be a good opportunity for the rest of Asean and China to service the need for housing, food, power, infrastructure, healthcare, education, communications, to name a few,” Veloso said.
He said the country’s improved relationships would also offer an opportunity to develop other regions outside Metro Manila.