HSBC ramps up growth projection for year to 7%

Hongkong and Shanghai Banking Corp. (HSBC) has raised its forecast on the country’s gross domestic product (GDP) growth for this year to seven percent from a previous estimate of 6.3 percent. 

HSBC Philippines President and CEO Wick Veloso said the optimistic projection for the country’s economic expansion is pushed by infrastructure projects which the government is keen on undertaking this year.

Veloso also mentioned that HSBC joined a local delegation to the United Kingdom for a trade and investment roadshow last week in which the bank has emphasized the opportunities here in infrastructure.

He noted with the 100-million population, a median age of 22 years old, and per capita gross domestic product (GDP) of $3,000, the Philippines demands for infrastructure, power, telecommunications, housing, education, and related services, among many others are bound to strongly rise.

These are the sectors where UK firms have opportunities here as they have expertise in these areas.

Last August, British Prime Minister’s Trade Envoy to the Philippines Richard Graham visited Manila and Cebu to strengthen economic ties between the two countries highlighting potentials in infrastructure, energy, aerospace, manufacturing, defense, and education.