Wednesday, 1 September 2010

HSBC, fund managers eye large infra projects

by Roderick T. dela Cruz
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/september/1/business3.isx&d=2010/september/1

HongKong and Shanghai Banking Corp. has committed to participate in the public-private partnership undertakings of the Aquino administration to boost infrastructure development in the country.

“We are very keen on the government’s commitment to infrastructure,” said HSBC Philippines president and chief executive Tony Cripps. “We are very excited about the prospects and we are very keen.”

The British bank, which has large infrastructure project finance in the Asia-Pacific region, is awaiting the government’s completion of its infrastructure project priority list. The bank has participated in a recent infrastructure forum organized by the government.

“We are more likely to look at transactions where we already have some experience along the lines of power space like power generation,” Cripps said.

Cripps said the bank might also look at other priority projects such as water and tourism infrastructure development that includes roads and airports.

Cripps said a number of international fund managers also expressed interest to infuse capital into the country during the recent roadshows led by the Finance Department abroad.

Junie Veloso, senior vice president and head of corporate banking for HSBC Philippines, said the bank was in the process of securing deals for several energy projects and one large telecommunication transaction. He declined to give details.

The Aquino administration during a recent infrastructure forum that it was looking at raising P400 billion to P500 billion to support infrastructure projects.

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