HSBC: Foreign firms keen on expanding to PH
MANILA -Enterprises are keen on establishing a footprint or expanding their presence in the Philippines, expressing confidence in the country as an investment destination.
This is according to a survey conducted by HSBC Commercial Banking, which cited the “growing confidence” of international companies in the prospects of Southeast Asia.
The study noted that 21 percent of the surveyed respondents picked the Philippines as their next expansion market.
Meanwhile, those enterprises with an established local foothold have plans to have bigger operations over the next two years.
“These findings confirm what we have been seeing from our own customers: that businesses around the world are increasingly confident about scaling up in Southeast Asia, especially the Philippines,” HSBC Philippines president and CEO Sandeep Uppal said.
“We are on fertile ground and as excited as our clients about the growth prospects of the Philippines and in Southeast Asia and focused on connecting local and international businesses in this dynamic region to opportunities across the globe,” he added.
However, some issues remain, including macro-economic challenges such as rising inflation and interest rates.
The growth of consumer prices accelerated to 5.3 percent in August from 4.7 percent the month earlier, driven by costly food prices.
Interest rates, meanwhile, were kept at 6.25 percent but may soon increase due to inflation risks.