DTI Board of Investments seals MOU with HSBC Philippines

On 21 February 2023, Hongkong and Shanghai Banking Corporation (HSBC) Philippines President and CEO Mr. Sandeep Uppal together with other top executives paid a courtesy visit to Department of Trade and Industry (DTI) Secretary Fred Pascual to discuss possible areas of collaboration and other opportunities that the Department and HSBC can explore in line with the recently signed Memorandum of Understanding (MOU) between the Board of Investments (BOI) and HSBC.

HSBC Philippines’ parent company is The Hongkong and Shanghai Banking Corporation Limited headquartered in London and has been operating in the Philippines for 148 years. It is one of the leading full service international banks in the country serving customers through three global businesses: Wholesale Banking, Global Banking and Markets, and Wealth and Personal Banking. The Bank has a network of branches strategically located in Metro Manila, Cebu and Davao, and a Global Service Centre servicing local and international HSBC markets.

“The MOU between BOI and HSBC Philippines will serve as an instrument to facilitate collaboration in terms of investment promotion. We are very grateful for this partnership because it will also enable the conduct of investment seminars and business matching activities that will be helpful to our local businesses”, Secretary Pascual said.

The MOU, signed by HSBC Philippines President and CEO Mr. Sandeep Uppal and BOI Managing Head Undersecretary Ceferino S. Rodolfo in December 2022 endeavors collaborations in the form of conduct of investment seminars or missions and business matching activities; joint assistance to foster economic and industrial linkages between investors and corporations; and setting up of a special working team, as may be necessary, to undertake the areas of cooperation.

“Through this partnership, the DTI may leverage on the vast network and clientele of HSBC, particularly multinational companies who are seeking to expand in Southeast Asia. This will further expand opportunities for the Philippines and will help us gather more investments that will, in turn, generate more stable, high quality, and better-paying jobs for Filipinos”, Secretary Pascual added.

During the courtesy visit, HSBC Philippines President and CEO Sandeep Uppal further highlighted what the bank can do for the Philippines and what value they can further bring in the future by working with DTI.

According to Mr. Uppal “It has always been HSBC Philippines commitment to support the country’s agenda on nation building and economic progress. We are indeed delighted to be in partnership with the DTI and through HSBC’s international network, we hope to bridge the Philippines to growth opportunities across the globe and vice versa.”

In closing, Secretary Pascual expressed optimism that the MOU and the established strategic partnership between BOI and HSBC will further accelerate and intensify the government’s investment promotion activities and post-pandemic economic recovery initiatives. The company also expressed openness to collaborations, which may include sponsoring investment fora or roundtable meetings as well as networking dinners.