Call center, BPO operators seek Favila’s help in securing loans from banks

Call center and business process outsources are seeking the help of Trade and Industry Secretary Peter B. Favila to convince local banks to lend to call centers and BPOs.

Call center operators and BPOs complain that at present local banks are reluctant to extend loans to them because they cannot provide real estate collaterals.

Banks, call center operators and BPOs added, are reluctant to accept as collateral the service contracts of the call centers and BPOs.

Thus, they are calling on Favila to help them convince the banks to agree to accept as collateral their service contracts.

The call center and BPO industry is currently being hailed by the government as the sunrise industry which is contributing to the country’s economic growth.

As such, the government should help the industry avail of financing sources.

It was also pointed out that the banking system continues to cling to outdated policies with regard to collaterals.

In fact, it is because of the large inventory of non-performing real estate collateral of Philippine banks that has caused problems in the banking system.

Investors in the information and communications technology, call centers and BPOs continue to flock to the Philippines because of Filipinos’ English-speaking skills and cultural similarity to the US.