THE equities market, peso and the overall economy will remain resilient this year despite global market uncertainties, according to the Hong Kong and Shanghai Banking Corp. (HSBC), with the bank factoring into its projections strong remittances, foreign direct investment and robust domestic consumption.
HONG KONG and Shanghai Banking Corp. (HSBC) said it once more raised its growth forecast for the Philippines, with strong government spending expected to prop up further expansion during the second half of the year, helping offset the fading impact of election spending and slowing growth in fund inflows.
THE PHILIPPINES is set to remain among the best-performing economies in the region, with a qualified set of incoming managers seen to step up the already strong fiscal footing laid out by the Aquino administration.
REMITTANCES will continue to drive Philippine growth, albeit at a slower pace in the next five years compared with 2015 levels, an economist at Hongkong and Shanghai Banking Corp. Ltd. (HSBC) said, noting that as the country’s “external buffer” is eroded, it becomes more vulnerable to external volatility.
THE PHILIPPINES is expected to ride favorable demographics and rapid growth in global trade to become the 16th largest economy in the world by 2050, according to the Trade Winds report issued by the research arm of Anglo-Chinese bank HSBC.
HSBC LTD. (HSBC) raised its growth forecast for the Philippine economy this year despite the weaker-than-expected gross domestic product (GDP) data from the last quarter, citing “promising” private consumption and state spending ahead.
TWO foreign banks have trimmed their Philippine economic growth forecasts this year as a result of super typhoon Yolanda’s (international name: Haiyan) impact.
MANILA, Philippines – Fresh from raising $500 million in new funding, oil giant Petron Corp. is set to generate another $250 million through the issuance of hybrid notes for its refinery expansion program. “This is to advise that the company has priced the offering Wednesday night with an issue size of $250 million and expected issue date of March 11, 2013,” Petron told the local bourse. The notes, which carry a yield of 6.551 percent, will be consolidated with and form a single series with the $500-million securities issued on Feb. 6. “The transaction was executed nimbly against a strong market, with positive sentiment buoyed on the back of the Dow Jones touching a record high the previous day in the US,” the Hongkong and Shanghai Banking Corp. (HSBC) said. HSBC, Deutsche Bank, Standard Chartered and UBS were tapped as joint bookrunners and lead managers for the largest offshore perpetual in the Philippines. HSBC said the order books were oversubscribed, with total demand reaching $2.5 billion from more than 150 accounts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “A tap of the hybrids made sense for both investors who are looking for more Petron exposure, and for the issuer to raise cost effective funding to support its refinery master plan,” said HSBC Philippines president and CEO Wick Veloso. Early last month, the country’s largest oil refiner completed the sale of $500 million worth of dollar-denominated securities. Proceeds of the activity would be used to fund the company’s capital Read More …