HSBC plans to open six branches in the country this year to bring the total to 30, while a possible venture in the insurance business is also being explored.

Officials said the bank is also looking at expanding its loan portfolio by financing infrastructure projects as well as extending loans to small and medium enterprises.

"The business here is growing strongly. We expect increasing profit contribution from the Philippines in 2008, and we’re looking forward toward expanding selectively going forward," Flockhart told reporters during a visit in Manila yesterday.

Asked whether the current political noise caused by persistent calls for President Gloria Macapagal Arroyo to quit have had an impact on business, Flockhart said: "HSBC got a long history in this country. We’re here for the long term. We see business in general doing very well, and we see that continuing."

"We don’t feel any unease. We are non-political. We are not here to comment on that situation. We’re here purely to do banking."

HSBC, the 13th largest bank in the Philippines by assets, employs about 9,000 individuals in the country — of which 7,000 work in the bank’s business process outsourcing centers.

The bank also says it is keen to enter into the insurance business as the sector is poised for strong growth.