Global banking giant Citi has maintained an optimistic outlook on the Philippines as the country is on the path to post-pandemic recovery this 2022.
Citi Philippines corporate banking head Fernando Fleury said the Philippines’ gross domestic product (GDP) growth may rise to 6.8 percent this year from the projected five percent last year.
The Philippines emerged from the pandemic-induced recession with a GDP growth of 12 percent in the second quarter and a faster-than-expected 7.1 percent expansion in the third quarter.
The GDP expansion averaged 4.9 percent from January to September 2021, near the upper end of the revised four to five percent target set by economic managers through the Development Budget Coordination Committee (DBCC).
Fleury said Citi is expecting the Philippines’ GDP to expand by 6.3 percent in the fourth quarter.
“This shows that we are bullish on the Philippine economy,” he said.
According to Fleury, Citi continues to support Philippine companies in their global and regional expansion.
“We will continue to collaborate and problem solve, and work tirelessly on behalf of our corporate, financial institution, and public sector clients to deliver a range of strategic corporate finance and advisory solutions that meet their needs, no matter how complex,” he said.
Fleury said infrastructure continues to be a big area of focus for many clients, especially in the digital space, which include the building of towers, data centers and fiber networks.
“Citi continues to champion digital transformation which is essential in today’s environment as workplaces still leverage on remote work capabilities and more customers transact online,” he said.
Citi Asia-Pacific head of banking, capital markets and advisory Jan Metzger mentioned that the Philippines is a very important market for the global bank.
“Citi will be celebrating 120 years in the country next year and the Philippines is one of our fastest-growing markets for banking, capital markets and advisory work with clients. The country is home to many world-class companies, and we are committed to supporting their ambitions. There is a massive transformation happening across all industries and with a global network this has helped sharpen Citi’s dialogue with clients in the country as they increasingly want a global perspective,” Metzger said.
Citi Philippines, through its local securities business Citicorp Capital Philippines Inc. has been assisting clients raise funds via the fixed-income market, helping supranational and corporate clients raise over $10 billion.
Citi, leveraging on its global network and together with the Philippine team, led the largest equity transaction in the country amounting to P48.8 billion by Monde Nissin Corp. last June and a successful equity trade for a supranational’s holdings amounting to $90 million this year.
The bank expects deal activity to further pick up in 2022 with opportunistic and cost-effective financings to support growth.
With additional report: Lawrence Agcaoili, The Philippine Star
Image sources: GMA Network, Capital.com, Daily FT
