The economic prospects in the Philippines remain strong amid a changing global market, according to Citi Philippines chief country officer and banking head Paul Favila.
Favila made the statement during Citi Philippines’ annual Perspectives event for market clients with the theme “Navigating Economic Growth Amidst Geopolitical Shifts.”
Favila said in his opening remarks that as the world’s most global bank, Citi is in a unique position to help clients navigate these geo-political shifts.
“The Philippines is a key market for Citi, and we are able to leverage our local knowledge and longstanding presence in the country with our global insights to enable clients to grow globally,” he said.
Around 80 clients attended the forum which featured speakers including Johanna Chua, Citi‘s head of emerging market economics and chief Asia economist; Nalin Chutchotitham, Citi economist for Thailand and the Philippines; and Blake Herzinger, director for policy, strategy and advocacy, government affairs for Japan, Asia North and Australia and Asia South.
Looking into 2025, Citi Research adjusted Philippines’ GDP growth forecast from 6.0 percent to 5.9 percent due to the slightly softer momentum coming from 2024.
Citi sees inflation staying in the lower half of the Bangko Sentral ng Pilipinas’ target range for the rest of the year and lowered their 2025 and 2026 inflation forecasts to 2.6 percent and 3.2 percent, respectively.
Citi Philippines Markets continue to encourage offshore investors to participate in the Philippines’ growth opportunities and at the same time assist local clients who want to expand into global markets.
“Our priority is to connect our foreign corporates with access to the Philippines’ market and to support our local corporates to expand further into global markets, particularly with their corporate FX hedging and risk management needs. We are in this with them for the long haul and we intend to deliver the full range of our expertise and services to our clients and customers,” said Wilmer Bautista, Citi Philippines Markets head.