Global Additions was convinced to choose the Philippines by the Department of Trade and Industry (DTI) which has been conducting intensive IT promotion efforts abroad, specifically in the US.
Global Additions president Sandra Wing visited the Philippines recently to finalize the firm’s plan to set up a BPO unit in the country.
In a statement, Wing said: "Our firm short-listed India and the Philippines for our expansion. But we have finally decided to start here."
"We are now in the process of meeting with local firms to determine if a joint ventures is possible. Otherwise, we would set up our own office here," Wing added.
"Considering the urgent need of our firm," Wing said. "We want to set up immediate operations as soon as possible, preferably by the first quarter of next year."
Global Additions plans to initially hire a 10-man team that would eventually grow to 300.
The DTI has intensified its effort to promote the Philippines as an e-services hub for Asia.
The DTI has been successful in persuading a considerable number of firms to locate their operations here.
The DTI will continue this program next year via its overseas IT roadshow. It hopes to double the number of investors, now that there are successful locators in the country.
The Board of Investments (BOI) has received a new wave of investment inquiries which officials hope will translate to new investment locators.
The Philippines is an ideal site for BPO operations, specifically for accounting and services. Every year, the country’s educational system provides 104,000 university/college graduates in accounting, finance, management and other business-related discipline.
Some 2,500 to 3,000 public accountants pass the licensure exams each year.
Filipino accountants are the best in the world in terms of overall performance and in terms of the depth and array of accounting services that they are capable of doing.
They are the number one for the P&G Group Worldwide.
Filipino accountants use generally accepted accounting principles for financial reporting, which is being applied in the US, Japan and soon in most of Europe.
They follow the application of accounting standards as set by the Accounting Standards Board and the International Accounting Standards Board.
Among the BPOs doing business in the country are AIG Business Processing Services; Caltex Shared Service Center; Procter and Gamble Asia Pte. Ltd.; Alitalia; Maersk Administrative Center and UPS Asia Consolidated Service Center.
According to a report by Gartner Dataquest, the global BPO market has grown by 13 percent during the 1999-2000 period and will be a $543-billion industry by next year.