TAGUIG CITY — HSBC Philippines hosted its flagship business summit, "Philippines Forward: Building the Future, Investing in Growth," on August 18, 2026, at Shangri-La at the Fort. The event gathered over 500 decision-makers to discuss how the country can capitalize on global economic trends.
Tapping into the Global AI Boom
HSBC Chief Asia Economist Frederic Neumann identified a key opportunity for the Philippines within the global artificial intelligence wave. He pointed out that global semiconductor supply chains are running at full capacity. This opens space for the domestic chip sector to expand its testing, assembly, and packaging operations.
This existing foothold in hardware manufacturing is just one part of the story. Neumann emphasized that the services sector, particularly the business process outsourcing industry, is holding up remarkably well. He noted that the local BPO sector is reinventing itself as a bright spot for job creation in the face of AI.
Services Sector Reinvents Itself
HSBC Philippines CEO Sandeep Uppal shared an optimistic outlook for the evolving services industry. He highlighted the expansion of global capability centers, which are moving beyond traditional BPO work. These centers are increasingly focusing on high-value innovation, marketing, and analytics.
Uppal stressed the importance of keeping humans integrated in AI workflows. The goal, he noted, is to ensure that those crucial human roles are occupied by skilled Filipino workers. This perspective positions AI not as a threat, but as a tool that can elevate the value of Philippine labor.
Building the Infrastructure for the Future
The discussion also touched upon the proposed Pax Silica Initiative's mega AI industrial hub in New Clark City. Neumann described the need for supporting infrastructure, like localized data centers. Such "enabling infrastructure" is crucial for allowing BPOs to integrate AI models seamlessly without operational delays.
Neumann expressed confidence that AI could serve as a sustained engine for faster economic growth. He sees it as a significant opportunity for the Philippine economy in the coming years. This optimism is grounded in the belief that the country's existing strengths can be leveraged for a tech-driven future.
A City Committed to Growth
Taguig City Mayor Lani Cayetano welcomed the summit, affirming the city's role as a thriving financial and commercial hub. She reiterated Taguig's commitment to fostering a competitive, stable, and sustainable business environment. The city's partnership with global financial institutions like HSBC is key to attracting investment.
The event underscored the importance of public-private collaboration. By bringing together government leaders, business executives, and the diplomatic corps, the summit aimed to turn investor interest into concrete projects. The focus remains on accelerating growth and creating meaningful opportunities for Filipinos.
