South Asia as a Global Bright Spot, but Manufacturing Key to Philippine Growth - Citi Asia South Head

28 March 2025 – Citi’s Asia South Head, Amol Gupte, perceives Asia South (ASEAN and the Indian Subcontinent) as a global bright spot, due to the region’s political stability, characterized by governments’ commitment to economic development, coupled with supply chain diversification and a large, young population.

“This young population is driving a lot of digital ecosystem growth… It’s a huge, fast-growing space, it’s creating jobs, bringing people financial inclusion, and it’s rapidly improving something countries have struggled for the longest time–creating jobs,” said Gupte. 

As part of its Global Leaders Series, MBC hosted the first session of the year by spotlighting Citi’s Asia South Head, Amol Gupte, who flew in from Singapore to offer his perspective on the region’s economic prospects and opportunities for growth. Held in Makati, the session gathered MBC members and business leaders from diverse sectors, including banking, investments, manufacturing, energy, and real estate. 

Paulo Campos III, Founding Managing General Partner of Kaya Founders and a member of MBC’s Global Ideas Committee, moderated the discussion—leveraging his industry knowledge and deep understanding of market dynamics and emerging opportunities.

Gupte also credited the country’s services sector, recognizing the Philippines as a world leader in Business Process Outsourcing (BPO). “Invest heavily in the service sector where you’ve done well. It will change with the advent of AI, and you’ve got to be ready for the change. Upskill your people (in the services area) to do more complex jobs that AI cannot do,” the Citi banker said.

However, Gupte emphasized that the Philippines lags in manufacturing, which is a key growth and investment opportunity. To attract foreign direct investments in this sector, Gupte urged the Philippines to address bureaucratic hurdles, particularly in tax payments, high energy costs, and gaps in infrastructure and logistics.

Today’s shifting global order and geopolitical environment have resulted in significant uncertainty, presenting not only challenges and risks but also strategic opportunities that the country and the region should capitalize on. 

Launched in 2023, MBC’s Global Leaders Program aims to provide the Philippine business community the opportunity to gain insights from world leaders, fostering a globally competitive perspective. This was the fifth installation, after featuring global C-suite executives such as Executive Vice President and  Chief Medical Officer of UnitedHealth Group, Dr. Margaret-Mary Wilson, Sun Life Global CEO Kevin Strain,  Microsoft Asia President Ahmed Mazhari, and ACCIONA Chairman and CEO José Manuel Entrecanales. This series was made possible through the support of SGV & Co. and Oracle NetSuite.