Citi Philippines hosted a luncheon for delegates of the historic Presidential Trade and Investment Mission from the United States earlier last month. Around 60 people attended the event, including delegates from 14 American companies and organizations as well as participants from various Philippine government agencies.
The event was organized as part of the visit of U.S. Secretary of Commerce Gina Raimondo. She led a delegation of senior executives from prominent U.S. businesses and non-profit organizations on a first-of-its-kind Presidential Trade and Investment Mission to the Philippines. The mission delivers on US President Joseph Biden Jr.’s commitment during Philippine President Ferdinand R. Marcos Jr.’s May 2023 visit to Washington, D.C. to work together to advance U.S.-Philippines economic ties.
Speaking at the event, Citi Philippines CEO Paul Favila said, “We are honored to be given the opportunity to be part of such a historic event and to do our share in encouraging investments to the Philippines. We are committed to the Philippines and are here to draw on our wealth of experience, share our expertise, and give assistance to companies seeking to do business in this country.”
Favila delivered the afternoon’s opening remarks, which was followed by an economic briefing by Citi Economist for Thailand and the Philippines, Nalin Chutchotitham. The event was capped by short remarks from Citi Philippines Global Network Banking Head, Ajay Paul.
“There are numerous growth opportunities for multinational companies who would like to do business in the Philippines, given consistent economic growth and strong demographics. As a leading global bank, Citi is able to share on-the-ground expertise, in-depth understanding of local business and economic opportunities,” said Ajay Paul.
Favila adds, “Citi is the banking partner for institutions with cross-border needs and we are more than happy to support these efforts toward nation building. We are dedicated to responsibly provide financial services to enable growth and economic progress.”
The event was organized jointly with the US Commercial Service of the US Department of Commerce and the US Embassy of the Philippines. It was participated in by representatives from various local government agencies including the Department of Trade and Industry (DTI), Board of Investments (BOI), Philippines Economic Zone Authority (PEZA), Bases Conversion Development Authority (BCDA), Authority of the Freeport Area of Bataan (AFAB), Cagayan Economic Zone Authority (CEZA), Subic Bay Metropolitan Authority (SBMA), Subic-Clark Alliance for Development (SCAD), Clark International Airport Corporation (CIAC), IT and Business Process Association of the Philippines (IBPAP) and the Philippine Chamber of Commerce and Industry (PCCI)
