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MANILA, Philippines - HSBC plans to expand its client base in the Philippines, as the global lender sets out to ride on the coattails of the country's economic growth.
In a briefing on Thursday, Wick Veloso, managing director of HSBC Philippines, said the bank's operations consist of about 60 percent trade and export financing, and 40 percent lending.
"We are an international bank so trade accounts are a big percentage of our operations," Veloso said.
He said the bank's domestic portfolio "could still easily grow as there is huge growth going on in the country so there is really much opportunity still."
From 3.7 percent last year, the Aquino administration is aiming for economic growth of five to six percent in 2012, powered by a rebound in government' spending program and expanding domestic consumption.
HSBC also intends to mine the consumer market as part of its local growth strategy.
"Consumer driven growth will always be a key growth driver in our country," Veloso said.
Consumer spending, driven by money sent home by millions of Filipinos working overseas, has been one of the primary engines of the country's economic growth.
"The Philippines has a large population, large liquidity, and large wealth creation. Its growth trajectory is remarkable so it is central to our Asian strategy," said Spencer Lake, HSBC co-head of global markets.
"It's a quiet growing economy so it is very attractive," he added.
HSBC, which has been doing business in the Philippines for 135 years, has 20 branches in the country.
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