Morgan Stanley to set up office in Manila

DAVOS – Multinational financial services company Morgan Stanley is planning to set up an office in the Philippines, Malacañang said yesterday.

Presidential Communications Secretary Cheloy Garafil said the matter was discussed during a meeting of President Marcos with Morgan Stanley chairman for Asia-Pacific Gokul Laroia on the sidelines of the World Economic Forum here yesterday.

“Mr. Laroia informed President Marcos that the top global investment bank will set up office in Manila,” Garafil said in a statement.

Morgan Stanley is a New York-based financial institution with operations in more than 40 countries. The company, which was founded in 1935, employs about 60,000 people.

Marcos also met with officials of Swiss multinational commodity company Glencore. Malacañang has yet to release details of the meeting.

Also at the meeting were Speaker Martin Romualdez, Sen. Mark Villar, Trade Secretary Alfredo Pascual, Special Assistant to the President Secretary Anton Lagdameo and San Miguel Corp. president and chief executive officer Ramon Ang.