Citi PHL exec sees recovery mode in ’22


THE Philippines is expected to recover from the negative economic effects of the pandemic next year, as deals and credit activity are expected to pick up in 2022, officials from foreign bank Citi said in a virtual briefing on Tuesday.

Citi Philippines Corporate Bank Head Fernando Fleury said the bank expects deal activity to further pick up in 2022 with opportunistic and cost-effective financings to support growth.

According to Fleury, both multinational and local companies are expected to experience tailwinds from spending across most industries, further supporting balance sheets, with financial sponsors expected to capitalize on more local investment opportunities. This will give rise to more deal opportunities.

“Filipino corporates continue to expand in the region and globally, and Citi is very well positioned to support them from their treasury needs to strategic advisory,” Fleury said.

“We will continue to collaborate and problem-solve, and work tirelessly on behalf of our corporate, financial institution, and public sector clients to deliver a range of strategic corporate finance and advisory solutions that meet their needs, no matter how complex,” he added.

The Citi official said infrastructure continues to be a big area of focus for many of their clients, especially in the digital space. This includes the building of towers, data centers and fiber networks. They are also seeing the quick rise of fintech outfits and digital banks.

Meanwhile, Citi Asia Pacific Head of Banking, Capital Markets and Advisory, Jan Metzger, said Citi’s continues to be committed to the Philippine market despite announcing earlier this year that it is closing its retail segment in the country.

Metzger said Citi Philippines remains to be one of their fastest-growing markets for Banking, Capital Markets and Advisory and will continue to support financing of local firms.

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