MANILA, Philippines--HSBC?s local unit intends to aggressively underwrite more debt issues this year, as the country?s continuing recovery from the global financial crisis raises demand for cash.

In particular, HSBC Philippines treasurer Jose Arnulfo Veloso said the British banking giant would focus its efforts on state and private borrowers which would need access to international and local debt markets in 2010.

?We will pursue more private and public sector deals that are at tune with our credit strategy, and continue the innovative financing and risk mitigating formula for our client?s overall satisfaction,? he said.

Veloso?s comments came after HSBC was named ?Best Debt House in the Philippines? for 2009 by Hong Kong-based The Asset financial magazine.

HSBC received the honor for the second year in a row.

Veloso, who heads HSBC Philippines? global markets unit, and debt capital markets head Corazon Purisima, accepted the award.

Apart from this, HSBC also won a number of other accolades for transactions it arranged in 2009.

The Republic of the Philippines? global bond issue in January 2009 won ?Best Sovereign Bond? from both Asiamoney and The Asset.

Despite a volatile economic environment, the Philippine government was the first sovereign issuer in Asia to brave the market, and raised $1.5 billion from a successful transaction that was four times oversubscribed.

Also, the Power Sector Assets and Liabilities Management Corp. won ?Best New Bond? and ?Best Issuer ? Public Sector? from The Asset for its global bond issue last May 2009.

?Our game plan is to provide creative financing solutions to our current customers ... that allow them to ... manage their risk profile,? Veloso said.