Multicab gigamit sa polis; nalangay tubag sa alarma

London-based Hong Kong and Shanghai Banking Corp. (HSBC) remains bullish on the prospects in the Philippine economy this year as major investments, especially in the area of infrastructures, continue to pour in.

“The economic outlook is sound today, Philippine risk ratings outlook is better, and fiscal arguments are now past us,” said Michael R.P. Smith, HSBC president and chief executive officer.

Smith was in town for the formal launch of HSBC’s new center and universal banking branch at the Fort.

HSBC is presently operating eight universal branches and 11 thrift bank branches in the Philippines. It will open another five thrift bank branches in the Philippines within the next 12 months.

Its local banking operations employ a total of 2,500 officers and staff.

It is also operating two BPOs (business process outsourcing) offices employing a total of 5,500 workers. These are located  at their center in Alabang and another temporary center at the PBCom Building along Ayala Ave. in Makati.

HSBC has also entered into a lease agreement withproperty giant Ayala Land for a third BPO center along Commonwealth  Avenue in Quezon City. It will house at least 4,500 officers and employees.

HSBC Philippines chief executive officer Mark Watkinson revealed that they are already in huge infrastructure-related projects in energy like the Magat hydropower plant in Nueva Ecija.

“We have a lot of investors that are interested in making investments. We form a team of advisors that will assess these projects, and then we assemble the prospective investors for the different projects,” Watkinson said.

However, he made it clear that HSBC will not be involved in the management of these projects.