Manila: HSBC Philippines continues to be optimistic about the Philippine economy’s growth prospects, noting that the country is one of the fastest growing in the region.

According to Philippines News Agency, HSBC Philippines head of international wealth and premier Pramoth Rajendran stated in a briefing at the Shangri-La at the Fort in Bonifacio Global City that despite the first quarter GDP growth of 5.4 percent being slightly below expectations, the full-year 2025 growth is projected at 5.6 percent. This positions the Philippines as one of the fastest growing economies in Asia compared to most of its regional counterparts.

Rajendran emphasized that consumption and the country’s demographic dividends are key factors driving economic growth. He highlighted that 75 percent of the GDP is attributed to consumption, which is a significant contributor. Additionally, the rising working-age population, with an average median age of about 25, is expected to further bolster the economy and workforce.

HSBC Philippines anticipates a continued increase in the middle class, with the number of adults holding assets and wealth greater than USD250,000 expected to double by 2030. This growing affluence is a positive indicator for the country’s economic trajectory.

In light of these developments, HSBC remains optimistic about its growth prospects in the Philippines. Rajendran pointed out that the consumption-driven nature of the economy provides some insulation against volatility. He also noted that a significant portion of the population holds considerable wealth, further contributing to economic stability.

Overall, HSBC Philippines remains confident about the opportunities presented by the Philippine market, supported by strong GDP growth and a resilient economic structure.