Choong Wai Hong
For many Filipino entrepreneurs and corporations, the Philippines is no longer big enough to contain their growth ambitions, thus have set their sights on expanding further afield, starting in neighboring countries in Southeast Asia.
Economic growth is in the Association of Southeast Asian Nations (Asean) region, after all.
The region, with a combined population of 630 million and a gross domestic product of $42.4 trillion, is growing at an estimated 5 percent a year and may become the world’s fourth largest economy by 2050, overtaking the European Union and Japan and just behind China, India and the United States.
Determined to be part of that gripping growth story is Malaysia-based Maybank, Southeast Asia’s fourth largest bank by assets.
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And the Philippines will play an important role in fulfilling that vision of becoming a formidable financial institution in the vibrant region, according to Choong Wai Hong, the new president and chief executive of Maybank Philippines Inc.
Wai Hong, who was appointed to his new post in November last year, was thus given the mandate to drive Maybank Philippines to the next level of performance and growth for the unit to become a “meaningful” contributor to the Maybank Group.
