President Ferdinand R. Marcos Jr. on Tuesday lauded the Hongkong and Shanghai Banking Corp. (HSBC) for its 150 years of enduring commitment to the Philippines, citing the bank’s pivotal role in bolstering financial stability, supporting enterprises, and directly improving the lives of Filipinos.
Speaking at HSBC’s 150th Anniversary Gala Night in Taguig City, President Marcos celebrated the bank’s milestone and the “enduring partnership among the public sector, private sector, and the Filipino people.”
“For generations, this collaboration has helped shape our national story, reminding us that progress is built when all sectors move with a shared vision,” the President stated.
Since opening its first branch in Binondo in 1875, HSBC has been key in supporting the country’s trade, infrastructure, and enterprise, reinforcing the economic foundations essential for national progress.
President Marcos highlighted HSBC’s significant contributions, particularly its strong support for government initiatives, including participation in recent bond issuances. Specifically, he cited the bank’s role in the SEC-registered USD$3.3-billion equivalent dual-currency global bond offering.
These investments, the President noted, have enabled vital public programs in infrastructure, education, and social protection to continue despite challenging global times.
The Chief Executive further commended HSBC for:
Benchmarking borrowing costs and promoting secure investments for savers.
Guiding global investors toward Philippine enterprises.
Offering more inclusive, secure, and accessible financial services to Filipinos.
The President also recognized HSBC’s global and local impact beyond finance:
Climate Resilience: The bank’s active role on global platforms, such as the 2023 United Nations Climate Change Conference (COP28), demonstrates a critical commitment to sustainable development and climate resilience in a country frequently impacted by climate events.
Job Creation: The bank’s collaboration with government agencies like the Board of Investments and the Philippine Economic Zone Authority (PEZA) helps create jobs, expand training programs, and provide opportunities for Filipino workers.
In his address, President Marcos reaffirmed the government’s commitment to fortifying the financial system that supports the aspirations of institutions like HSBC.
He cited the Bangko Sentral ng Pilipinas’ (BSP) ongoing efforts to enhance capital, liquidity, and governance standards to ensure the resiliency of banks. Key reforms highlighted include:
Adopting the Basel III New Standardized Approach.
Implementing the National Risk Assessment.
Refining guidelines for the disqualification of erring officers.
Initiatives in Application Programming Interface (API) security and digital prudential standards to safeguard Filipinos from fraud and cyber threats.
Concluding his address, President Marcos urged HSBC to maintain its focus on the Filipino people, stating:
“As HSBC carries forward a legacy over a century old, we believe that you will always keep the Filipino at the center of your mission… Together, let us all build a more progressive Philippine economy where people can access reliable financial services, obtain meaningful opportunities, and live more dignified, comfortable lives.”
