Paul Favila, the first Filipino CEO of Citi Philippines in 35 years, believes that the country has the potential to become a regional financial center. He argues that investing in transport infrastructure to better connect the archipelago with the rest of the world is crucial. Favila also cites the country’s already established global servicing hub, talented workforce, and proficiency in English as key advantages.
He views Hong Kong as losing its appeal as an investment haven due to concerns about political freedom, and believes that Singapore, the Philippines’ main competitor, is limited by its small size and infrastructure constraints. Favila sees an opportunity for the Philippines to become not just a services hub, but a financial services hub, particularly with the rise of virtual meetings.
Despite the country’s current “gray list” classification by the Financial Action Task Force, Favila is confident that Filipino politicians will enact the necessary legislation to improve safeguards against money laundering and terrorism financing. He also discusses the Indian growth model and believes that the Philippines can follow a similar path by upgrading its services industry. He highlights the country’s strategic location as a gateway to the Asia-Pacific and the ongoing infrastructure projects, such as airport modernization, as factors that can propel it to the next level.
With improved telecoms infrastructure and Filipinos’ language capability and service orientation, Favila is optimistic about the country’s prospects. He also mentions Citi’s focus on institutional banking and client-led growth following the divestment of its retail and consumer banking business to UnionBank. Finally, Favila discusses his own career trajectory and his commitment to building a global banking career in the Philippines with a “Filipino flavor.”
