Philippines seen to benefit from shifting global tradex

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HSBC marks 150 years in Philippines

MANILA, Philippines — The Philippines stands to gain significantly from the sweeping reconfiguration of global trade, HSBC Group chairman Brendan Nelson said, as the bank marked its 150th year of operations in the country with a gala celebration that underscored both its legacy and long-term commitment to the local market.

Speaking at the HSBC Philippines 150th Anniversary Gala last month, Nelson said the bank’s history in the country “closely mirrors that of HSBC itself,” tracing its early roots from its establishment in Hong Kong on March 3, 1865 to the opening of its first Philippine branch in Binondo in November 1875.

HSBC’s founders, he said, had a “clear and simple objective,” which was “to establish a bank that would facilitate local and international trade connecting east and west and the many, many places in-between.” That mission shaped the bank’s entry into the Philippines and its enduring role in financing trade.

“In the century-and-a-half since then, as the Philippines has embarked on a remarkable growth journey, rising to become a regional power with global reach, so has our business,” Nelson added.

A long track record

Over the decades, the bank participated in key phases of the country’s economic history, including financing the first railway, helping build the minerals export industry, contributing to post-liberation recovery efforts in 1945 and investing in banking innovations that introduced new financial services to local customers.

“We are tremendously proud of our legacy here, of our track record connecting the Philippines with the rest of the world, doing our small part to support this great country’s development,” Nelson said.

Today, he noted, HSBC is “the leading international bank in the country,” while globally, it remains one of the world’s largest financial institutions, serving 41 million customers across 57 markets with more than $3 trillion in assets.

The bank also positions itself as the global leader in trade finance and “the number one foreign dollar clearer,” a capability Nelson said has been critical for clients navigating both stable and volatile periods.

“What sets us apart is our ability to connect businesses with that deep international network and to support them with the stability and strength of our balance sheet, in good times and in more challenging ones,” he added.

Nelson acknowledged the growing unpredictability of the international environment, citing shifts in trade dynamics, geopolitical relations and economic policy. These disruptions, he said, have almost become “the new norm.”

Yet even under such conditions, global growth and global trade have been incredibly resilient and the interconnectedness of the world economy remains compelling.

HSBC’s Global Trade Pulse survey reflects this sentiment. The report covers over 6,700 corporate clients and shows rising confidence across markets.

According to Nelson, the survey found that “67 percent of the firms surveyed have more certainty about the impact of trade policy on their business than they did six months ago, as they implement new strategies, deploy new technologies and explore new markets.”

Furthermore, “88 percent of all those companies expect the importance of their international business to increase over the next two years.”

He said these findings reinforce the bank’s view that globalization is undergoing a significant re-configuration and that the opportunities are most visible in Asia.

Asia, ASEAN at the forefront

“In this changing global landscape, Asia will continue to be a critical contributor to growth, making the most of the benefits of the demographic dividend, a strong entrepreneurial ethos and widespread technological adoption and penetration,” Nelson said.

He pointed to several structural advantages supporting Asia’s momentum: a large and expanding middle class, rising affluence and consumer markets that are increasingly open to innovation. These conditions, he said, present “tremendous potential” for businesses and investors alike.

A series of data points highlight the region’s role in reshaping global trade. “Of the world’s ten fastest growing trade corridors, five sit within the region,” Nelson said.

Nearly 60 percent of Asia’s trade is now conducted with regional partners, while cross-border foreign direct investment within Asia is expected to double to over $700 billion by 2030.

Within the region, ASEAN is expected to remain a core beneficiary. Nelson noted that intra-Asian exports have risen 31 percent over the last five years and are projected to grow by $400 billion per year through 2030, reaching $7.1 trillion, growth that will be led largely by ASEAN trade corridors.

As the Philippines prepares to assume the ASEAN chairmanship in 2026 under the theme “Navigate our future, Together,” Nelson said HSBC is eager to support the country in this regional leadership role.

“This leadership position reflects the strategic importance and the promise that the future holds for the Philippines,” he said.

Nelson emphasized that what differentiates the Philippines is its people. He described the country as one with “a young, digitally savvy population, a skilled workforce and a growing middle class that will support and further strengthen its consumption-driven market.”

These fundamentals, he said, have backed the country’s “remarkable compounded growth rate of six percent plus over the last 15 years,” and continue to underpin the country’s economic resilience.

HSBC intends to reinforce its footprint in line with this growth trajectory. “We are materially expanding our wealth business to meet the growing demand for international wealth management,” Nelson said.

The bank is also expanding its wholesale banking operations to cater to mid-market companies that are the backbone of the economy. Both efforts, he said, are anchored in the bank’s international network, which will continue to connect Philippine clients to opportunities locally and overseas.

As the celebration marked a significant milestone, Nelson reiterated that HSBC’s purpose is “to open up a world of opportunity for all those we work with and for,” guided by a strategy that aims to build the world’s most trusted bank.

“Throughout our 150-year history in the Philippines, we have always sought to build and maintain long-term relationships, which has allowed us to move forward together,” he said.

“Our confidence in, and commitment to, the Philippines and to our valued partners here remain as strong as ever.”