SFST meets senior Philippines officials in Manila (with photos/video)
27.9.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, continued his visit to Manila, the Philippines, today (September 27). Mr Hui held separate meetings with the Governor of Bangko Sentral ng Pilipinas, Dr Felipe Medalla; the Undersecretary of Finance of the Philippines, Mr Mark Joven; and the Undersecretary of Foreign Affairs of the Philippines, Mr Jesus Domingo, today. In the meetings with Dr Medalla and Mr Joven, Mr Hui shared that fintech has been one of Hong Kong's priority areas in recent years. Financial institutions in the Philippines and the Association of Southeast Asian Nations (ASEAN) may explore the fintech applications developed in Hong Kong and adopt them in local markets. The Guangdong-Hong Kong-Macao Greater Bay Area development offers Hong Kong and the Philippines boundless opportunities in areas such as Renminbi (RMB) business and green finance. Noting that the Philippines is one of the fastest-growing RMB markets in Southeast Asia, Mr Hui said Hong Kong, a global offshore RMB business hub, welcomed co-operation with the Philippines that would be conducive to the internationalisation of the RMB. On green finance, Mr Hui added that Philippines companies could make use of the Hong Kong market to raise green and sustainable funds. At the meeting with Mr Domingo, Mr Hui thanked the Philippines for hosting the 55th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) after the previous two virtual annual meetings, adding that a physical meeting signified that members were ready for further co-operation for a rapid post-pandemic recovery. On Hong Kong's accession request to the Regional Comprehensive Economic Partnership (RCEP), Mr Hui looked forward to the continued support of the Philippines, as Hong Kong's mutually rewarding relationships with RCEP economies run long and deep. Before the meeting with the senior Philippines officials, Mr Hui attended a breakfast and dialogue on "Hong Kong as an International Financial Centre - Present and Future", organised by Asia Society Philippines, during which Mr Hui informed the participating business heavyweights of Hong Kong's most recent move to continue resuming international connections, the lifting of the policy on designated quarantine hotels, and the good message was very well received. Mr Hui also presented to participants the city's competitive edges on asset and wealth management, connectivity with the Mainland's capital markets and fintech initiatives, as well as the development of the securities market and bond market. Immediately after the breakfast and dialogue, Mr Hui met with the President and Chief Executive Officer of HSBC Philippines, Mr Sandeep Uppal, to exchange views on issues of mutual concern. Mr Hui today also attended a luncheon hosted by the Hongkong Chamber of Commerce of the Philippines Inc, a prominent Hong Kong business organisation in the country. Mr Hui had a fruitful exchange with the participants regarding trade and investment opportunities offered by Hong Kong to the Philippines for mutual benefits. Tomorrow (September 28), Mr Hui will pay a courtesy call to the Charge d'Affaires of the Chinese Embassy in the Philippines, Mr Zhou Zhiyong, attend an ADB Constituency Meeting and a dinner hosted by the Philippine Government.