Standard Chartered picks Philippines as new global services hub

MANILA, Philippines — Standard Chartered Bank has picked the Philippines as the site of its new global business services hub, bringing to five its service centers worldwide.

Saif Malik, head of Global Subsidiaries and  Client Coverage UK at Standard Chartered Bank, said the bank’s Global Business Services (GBS) plans to open a hub in the Philippines soon.

“We ourselves as a bank will be opening a Global Business Services Center in the Philippines very soon,” Malik told participants of the Philippine Economic Briefing in London

Malik said the soon to be opened hub in the Philippines is the bank’s fifth global location.

“We have in India, in Malaysia, in China, and we have two centers in India, In India alone, we employ nearly 20,000 people in our GBS services and about 10,000 in Malaysia,” he said.

The GBS is the multi-disciplinary global competency organization capable of managing complex, large-scale, cross-border activities. It is at the heart of operational processes and technology services, which supports the seamless delivery of products and services to the clients and customers of Standard Chartered Bank.

According to Malik, the Philippines is becoming a top investment destination.

“I see that from a lot of our multinational clients that are working with us in our footprint and the Philippine market is one that’s on everyone’s agenda,” Malik said.

Standard Chartered Bank is the first international bank in the Philippines established in 1872.

Beyond the deep foundation and long history of 150 years in the Philippines, Standard Chartered Bank remains committed to support the growth and development of the Philippines.

Malik lauded economic managers led by Finance Secretary Benjamin Diokno, Bangko Sentral ng Pilipinas Governor Felipe Medalla, Budget Secretary Amenah Pangandaman as well as National Economic and Development Authority Undersecretary Rosemarie Edillon after the Philippines booked its strongest economic growth in 46 years.

On Thursday, the Philippines reported a gross domestic product (GDP) growth of 7.6 percent for 2022, higher than the 6.5 to 7.5 percent target set by the Development Budget Coordination Committee (DBCC) and faster than the 5.7 percent expansion in 2021.

“Congratulations on your fabulous, fabulous growth rate. I think we can use that word fabulous because with what we’ve gone through, I think that is a real standout. And also on the recent issuance of the $3 billion in January, I think that’s a great testament to the strong support that you have in the international community,” Malik said.

Alistair White, deputy head of mission to the Philippine British Embassy Manila, said he liked the idea raised by Secretary Pagandaman about British Build More.

White said bilateral trade between the Philippines and the United Kingdom has increased back to pre-pandemic levels to hit 2.1 billion pounds.

“That’s a really phenomenal recovery and we’re confident that the upward trend will continue,” White said.

According to White, the Philippines has been identified as a priority country for the British investment partnerships.