The meeting with the influential head of the world’s largest bank by capitalization happened during his short visit to Manila on September 25, 2024, where he also emphasized JPMorgan Chase's ongoing commitment to its Philippine clients and operations.
The participants in the lunch roundtable included Ayala Corp. chair Jaime Augusto Zobel de Ayala, Aboitiz Group president and CEO Sabin Aboitiz, Alliance Global CEO Kevin Tan, and Jollibee chairman Tony Tancaktiong.
“One important topic discussed were the geopolitical tensions that are considered the main risks to global conditions,” said one participant who asked not to be named. These risk factors include the Russia’s invasion of Ukraine as well as China’s increasingly aggressive moves against the Philippines in the South China Sea.
“Also discussed was the recent decision of the US Federal Reserve to cut interest rates sharply given retreating inflation in the US, which was welcomed by the leaders,” the participant said, adding that Dimon and the Filipino business tycoons agreed that the Southeast Asian region is expected to continue to contribute “significantly to global growth over the medium term.
JPMorgan Chase has a long-standing presence in the Philippines, dating back to 1961.
The company operates a shared service center in the country with over 20,000 employees, supporting its global operations. Dimon's visit reinforced the firm’s focus on expanding its role in the Philippine economy, which aligns with increasing investment and business opportunities between the United States and the Philippines.
In his welcome remarks as co-chairman of the US-Philippines Society, Zobel highlighted the partnership between JPMorgan Chase and Philippine institutions, especially the bank’s over five-decade-long relationship with the Ayala conglomerate.
“As one of the first global banks to establish presence in the country, the bank represents a deep commitment to supporting the country’s long term economic growth and stability, working hand in hand with many esteemed Philippine institutions,” he said.
Dimon's visit comes at a time of heightened economic engagement between the Philippines and the US, with recent high-level exchanges promoting deeper collaboration in business and trade.
