Citi Philippines recently held its annual Perspectives event for Markets clients with the theme, “Navigating Economic Growth Amidst Geopolitical Shifts.”
In his opening remarks, Citi Philippines CCO and Banking Head, Paul Favila, affirmed that economic prospects in the country remain strong amid a changing global market.
Favila said, “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.”
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 & Australia and Asia South.
Looking into 2025, Citi Research adjusted Philippines’ GDP growth forecast from 6.0% to 5.9% due to the slightly softer momentum coming from 2024. February inflation fell more sharply than consensus and Citi’s expectations to just 2.1%, led by lower food and energy prices, with core inflation also easing. 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% and 3.2%, respectively.
In this dynamic environment, 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.
Wilmer Bautista, Citi Philippines Markets Head said, “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.”
