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Newsmakers

HSBC’s sweet success in the Philippines

PEOPLE - Joanne Rae M. Ramirez - The Philippine Star
HSBC’s sweet success in the Philippines
The original HSBC Philippines building in Binondo.

HSBC Philippines opened its doors in Binondo, Manila in 1875 on a sweet note.

Just as pioneering foreign investment houses that lent to sugar planters and exporters in the Visayas for decades were closing their doors, HSBC boldly opened for business.

At the crossroads of progress and depression, the bank endeavored to link the country’s sugar and key exports to the world market economy.

Soon after, the first foreign bank in the Philippines helped finance the construction of sugar and rice mills and the first provincial railway (the Manila-Dagupan Railway) in the 1880s. HSBC then opened its second branch in Iloilo — then the queen city of the South and the preferred port for global trade after Manila — in 1883.

Success is indeed sweet if it has stood the test of time — and still going strong.

Sandeep Uppal, president and CEO, HSBC Philippines.
Photo by Mark Chester Ang/PeopleAsia

***

Under the steady hand of HSBC Philippines president and CEO Sandeep Uppal, and with the support of six local branches and a global network spanning 60 countries, the bank is driven to help make the Philippine economy “Asia’s Superstar.”

“The Philippines is actually neck and neck with Malaysia in the second top spot in foreign direct investment (FDI) inflows, but it leads in the field of services FDI among Asia markets,” Sandeep told PeopleAsia magazine.

Thus, HSBC’s double celebration of its anniversary and the Chinese Lunar Year of the Wooden Snake, which unfolded at the Makati Shangri-La recently, was sweet, stellar and spectacular, complete with a dragon dance.

Visa Philippines country head Jeff Navarro, Sandeep Uppal, the author, HSBC’s Anya Katigbak and Nini Icban.

The international bank lavishly welcomed the coming of the Lunar New Year through “Fortunes Unfolding,” a grand feast for all senses.

“This year will be filled with opportunities for growth and expansion,” Sandeep said in his welcome remarks. “We look forward to strengthened partnerships among our stakeholders, bridging our customers to a world of opportunities. We are also solidifying our commitment to the country by continuously supporting the Republic of the Philippines in its nation building efforts.”

In an earlier interview he pointed out that the country’s macroeconomic stability over the last two decades has made it an attractive FDI destination, especially for services. HSBC helps foreign investors “acclimatize” themselves in the Philippines and connect them with relevant partners.

Orange confit and cream cheese mousse. Sweet success indeed for HSBC.

***

Celebrating both tradition and HSBC Philippines’ 150th anniversary, the international bank lavishly welcomed the coming of the Lunar New Year through “Fortunes Unfolding,” a grand feast for all senses.

Guests were treated to an exquisite four-course dinner especially curated by Makati Shangri-La. The main dish was fish — Baked Codfish in XO sauce.

According to online sources, fish (pronounced as “yu” in Chinese) and a homonym for abundance, is a sign of prosperity, that is why it is a staple in Chinese New Year feasts.

Each of the other dishes was a stellar lineup of performers who serenaded the guests—The Voice USA 2024 champion Sofronio Vasquez III; Mr. Pure Energy Gary Valenciano with his children Gab Valenciano and Kiana Valenciano; and Asia’s Song Bird Regine Velasquez – who left guests in awe with their performances to end the evening on a high note.

A sweet and high note for HSBC Philippines — not just for the evening but for the past 150 years. Congratulations!

 

 

You may e-mail me at [email protected]. Follow me on Instagram @joanneraeramirez.

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