ASEAN ‘rising star’ Philippines can become Asia’s ‘superstar’, says HSBC

HSBC Philippines — which is set to mark its 150th anniversary next year — said foreign direct investments into the country can be expected to continue growing over the next few years amid the renewed economic surge

In a business summit held in Taguig City, HSBC country head Sandeep Uppal also underscored the bank’s commitment to bridging local opportunities with global capital, positioning the Philippines as a dynamic ASEAN hub for investments and sustainable growth.

The media forum and business summit titled “Philippines: ASEAN’s Rising Star” last  Tuesday, Nov. 5 was aimed at highlighting the country’s economic future and highlight the HSBC’s role in facilitating those investments. 

"A key driver of economic growth is strong collaboration between the private sector and government,” Uppal said. “As a global bank with deep local expertise, we've always been committed to acting as a bridge to unlock opportunities for development. We're optimistic about what we can do to collectively propel the Philippines from ASEAN's rising star to Asia's superstar."

Sandeep Uppal

The CEO of HSBC Philippines said the bank is uniquely positioned to help draw more investments into the country.

HSBC Philippines head of markets and securities services Corrie Purisima shared insights from HSBC Global Research, which projects the Philippine GDP to grow by 6.7 percent by 2026, making it one of the region’s fastest-growing economies.

Purisima highlighted the positive trends in the country’s economic landscape, including a surge in service exports and a sustained rise in foreign investments.

“Service exports are outpacing remittance growth, and foreign investment levels remain strong, creating a positive environment for future development,” she said.

With a focus on economic growth, demographic shifts, and trade liberalization, HSBC sees the Philippines as an attractive destination for investors looking to enter or expand in the ASEAN region.

The bank, a longstanding player in the Philippine market, said it draws on its experience to navigate both local and international markets, supporting growth at multiple levels.

The summit also featured key speakers from the public and private sectors, including Special Assistant to the President Frederick Go, and leaders from major corporations such as Unilever Philippines, Ayala Land Inc., and United Laboratories Inc.

Sec. Frederick Go

The President's special adviser for economic affairs pointed out that the Marcos administration has been able to push several reform measures which have languished for three decades or more.

Discussions focused on the country’s strategic role in the ASEAN and global economy and the various opportunities available for investors. HSBC’s head of wholesale banking Mimi Concha emphasized the bank’s broader commitment to economic growth. 

“We’re dedicated to more than just fulfilling client needs—we’re enabling economic progress that benefits the country and unlocks global opportunities for our clients,” she said.