PH poised for further growth - Citi exec

'Tremendous prospects' for PH – Citi exec

Niña Myka Pauline Arceo

Manila Times

24 July 2024 

THE Philippines' economic and business environment has seen significant gains and is poised for further growth with the help of foreign investments, a visiting Citi official said.

Sara Wechter, chief human resources officer of the multinational investment bank, told The Manila Times that the country was one of the "fastest-growing ... in the region and has been for a long time, so it's got tremendous prospects."

"We work closely with the Republic of the Philippines to enable economic progress, so our connection to the Philippines is extremely important to us," she added.

Citi, which sold its local retail banking operations to Unionbank in 2022, continues to operate an institutional business in the country, providing services to over 950 multinational corporations as well as leading Philippine firms.

Wechter said that Citi remained committed to the country as it had contributed to the multinational's growth.

The domestic economy expanded by a below-target 5.5 percent last year but was still among the highest in the region. It accelerated to 5.8 percent in the first quarter of 2024, below the government's 6.0- to 7.0-percent target.

Growth remained "highly stable," Wechter said, and will continue to accelerate with the help of foreign investments.

"They (investments) play a very important part in spurring that economy, so there are several opportunities," she added.

As of end-April, net foreign direct investments remained positive at $556 million but were 36.9 percent lower than April 2023's P881 million.

Wechter said that local institutions should consider looking beyond the country's borders to drive their own growth, which in turn could lead to increased interest in the country.

"I think when that growth happens outside the walls of the Philippines, then you also get the investment in because then there's more awareness of what's happening," she added.

This will not only bring in outside investors but also enable Filipino companies to expand and possibly become multinationals themselves, further attracting investments.