Hongkong and Shanghai Banking Corp. (HSBC) Limited — Philippine Branch has committed to provide credit facilities to new and existing enterprises registered with the Philippine Economic Zone Authority (PEZA).
The parties on February 19 inked a memorandum of understanding (MOU) outlining a collaborative effort between PEZA and HSBC to boost investment activities in the Philippines.
The partnership aims to connect viable and potential stakeholders with entrepreneurial businesses and opportunities, particularly by promoting economic zones.
Emerging industries identified for collaboration are pharmaceutical manufacturing and steel manufacturing sectors.
The MOU was signed by PEZA director-general Tereso Panga and HSBC president and chief executive officer (CEO) Sandeep Uppal.
Panga highlighted the importance of investment promotion programs (IPP) on the establishment of more pharma-zones in the country, especially in the countryside.
Uppal underlined the bank’s extensive history in handling investments from multinational companies and expressed commitment in assisting the increase of medical and steel manufacturing-related investments with PEZA.
HSBC is one of the world’s largest banking and financial services organizations, serving around 39 million customers worldwide covering 62 countries and territories with clients ranging from individual savers to investors to some of the world’s biggest companies, government agencies, and international organizations operating across borders.