BIZ BUZZ: Marcos cheers HSBC legacy
For British banking giant HSBC, one of the first foreign banks to set up shop in the Philippines, celebrating its 150th birthday is not just a milestone; it’s an opportunity to reaffirm its commitment to this market.
No less than President Marcos, accompanied by his new Finance Secretary Frederick Go, graced the black tie gala hosted by HSBC on Tuesday night.
The big bosses, HSBC Holdings plc chair Brendan Nelson and HSBC Asia Pacific and Middle East Surendra Rosha, flew in to celebrate with the Philippine team led by country CEO Sandeep Uppal.
Note that it was Marcos’ first major public appearance after the disparaging remarks thrown by his sister, Sen. Imee Marcos, at the recent Iglesia ni Cristo rally. Of course, nobody expected him to comment on the issue.
When he delivered his address, Marcos likewise avoided any reference to the corruption scandal that he himself had exposed, but is now sending shivers to many investors.
The president lauded HSBC’s legacy of supporting trade, infrastructure and enterprises, while highlighting the efforts of the Bangko Sentral ng Pilipinas to fortify the financial system.
“Let us continue creating an environment where investors, stakeholders and most importantly, our citizens, see the Philippines as a nation of promise,” Mr. Marcos said.
HSBC financed the country’s first railroad, the Manila-Dagupan Railway, the country’s early sugar and rice mills, as well as many other high-impact projects.
“We helped develop the country’s rich mineral exports, and we supported the economic recovery after Manila’s liberation in 1945,” Nelson noted. “We’ve expanded our presence and invested in innovation, bringing world-class banking solutions to the Philippines today.”
Nelson said HSBC was determined to continue growing in the Philippines.
From the food to the music and visual backdrops, HSBC paid tribute to Filipino culture that night with a star-studded lineup that included Gary V, Martin Nievera, Zsa Zsa Padilla, Ogie Alcasid and Bituin Escalante, accompanied by orchestra led by Maestro Ryan Cayabyab.
But perhaps what would have delighted Mr. Marcos the most had he stayed a bit longer (he left right after his keynote address), would be the opening presentations. The opening number is a ballet rendition of the Ilocano folk song “Pamulinawen,” followed by “Dahil sa iyo” (a song that his parents used to sing in duet) performed by Cayabyab singers.
