Standard Chartered Bank had reaffirmed its commitment to continue doing business in the Philippines, according to SCB chief executive for the Philippines Eirvin Knox.
"It is clear that Southeast Asia is now well on the road to recovery and the Philippines is playing a full part in this revival. Standard Chartered is very excited about our plans in the country," Knox said, during the inauguration of the bank's new head office in Makati City.
The Makati branch counts as the 574th in the global network of Standard Chartered.
For his part, Bangko Sentral ng Pilipinas (BSP) Gov. Rafael Buenaventura, said he recognized the active role of foreign banks in enhancing competitiveness in the banking system.
"Foreign banks in the country play a big role in making the local banking industry competitive," he said.
Knox, said they are happy to do business in the Philippines as he cited the bank's 1999 success in the country. These, include: the opening of three new branches in Alabang, Ortigas, and Quezon City, widening of the bank's consumer base through the credit cards and other personal products launched, the relocation of the head office and Makati branch, and the recognition given to the bank as number one in Custody Services in Asia for the third consecutive year.
"The group's consumer banking business has performed strongly, driven in part by investment in new branches in gowing markets- an essential element of our strategy here and something to which our group chief executive drew investors' attention," Knox said.