IPVG call center unit gets $7-M PhilExim loan

IP Contact Center Outsourcing Inc. (IPCCO), a subsidiary of information and technology conglomerate IPVG Corp., has secured a $7-million loan from the Philippine Export Import Credit Agency (PhilEXIM).

In a disclosure to the Philippine Stock Exchange, IPVG said it would be the corporate guarantor of IPCCO.

The loan would be disbursed in three tranches  — $1.5 million for 2007, $3.5 million for 2008 and $2 million which is subject to favorable review of the utilization of the first two tranches of the loan, market conditions and IPCCO’s compliance to PhilEXIM’s conditions.

IPVG said the guarantee requires it to infuse  additional equity into IPCCO.

The money will be used by IPPCO to fund the operation and expansion of its business process outsourcing (BPO) business.

IPCCO’s call center operations at the IBM Plaza in Eastwood City Cyberpark  had been registered with the Philippine Economic Zone Authority.

IPPCO acquired the 260-seat contact center in Libis from Global Stride Holdings Ltd., which primarily services inbound/outbound voice support for North American clients in the publishing, catalog and ICT (information and communication technology) industries.

The Globalstride deal was an attractive acquisition target since it ramps up IPPCO’s contact center business from 80 seats to a total of 350 seats.

Under the purchase agreement, IPVG bought the fixed assets and material contracts of Globalstride and Globalstride Holdings’ existing customer accounts.

IPPCO’s first call center at the RCBC Plaza is in partnership with Hong Kong telecommunications giant PCCW Teleservices.  Under the agreement signed between the two companies, IPPCO shall help to extend PCCW’s contact center and telecommunications solutions in the Philippines to service North American clients.