HSBC bares more investments in BPO

Top officials of the Hong Kong and Shanghai Banking Corp. (HSBC) disclosed plans yesterday to expand their investments in the country, particularly in the business process outsourcing (BPO) industry and infrastructure development.

HSBC incoming president and chief operating officer Mark Watkinson and outgoing president Warner Manning relayed the information to President Arroyo during their call on her at the Music Room of Malacañang.

"The key things that we discussed with the President were the BPO investments that HSBC is making. We also talked about some of the infrastructure developments that are taking place in the Philippines at the moment such as the railways, roads and airports," a Palace statement quoted Watkinson as saying.

Watkinson said they are keen on putting up a BPO center in Quezon City, in addition to their BPO center in Alabang that now employs some 3,000 Filipino workers in Muntinlupa City.

He said another 2,500 Filipinos would be employed once the planned BPO center in Quezon City is established.

HSBC opened its first branch in the Philippines in Binondo, Manila in November 1875 and a second branch in Iloilo in 1883 to serve the growing sugar industry. At the turn of the century, it financed railways that connected provincial towns across Luzon to Manila.

Aside from the global Filipino talent and skills, more investments are pouring into the country because of its improved fiscal position and peace and order that have been noted by the international financial community, the HSBC officials said. – Paolo Romero