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Philippines remains attractive for banking business, Citi says


Global banking leader Citi regards the Philippines as increasingly significant, both regionally and globally, due to its robust economic growth. Peter Babej, Citi Asia Pacific CEO, said the country's vigorous dynamics would continue to pull in incremental investments. With its GDP growth reaching 7.6% last year, the highest since 1976, and 6.4% in Q1 2023, the Philippines' performance outpaces most nations. Citi, present in the country for 120 years, aims to attract more global clients and assist local companies' overseas growth. Babej affirmed that the Philippines' global position and its ability to navigate a challenging geopolitical environment make it a very appealing market for the bank and its clients. Citi is also set to expand further with its institutional clients in the country.

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