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 News
Coax foreign banks to migrate more back office jobs to RP, solon urges gov't
JPMorgan, Deutsche Bank, HSBC seen key to hiked RP share of outsourced F&A services
Amid mounting job losses nationwide, Catanduanes Rep. Joseph Santiago has challenged the government to entice three of the world's largest financial services firms -- JPMorgan Chase & Co., Deutsche Bank AG and HSBC Holdings PLC -- to migrate additional back office workstations to the Philippines.
Santiago urged the Commission on Information and Communications Technology (CICT) to support fully the initial outsourcing activities here of the three global banks, to encourage them to relegate extra financial and accounting (F&A) service jobs to Manila.
"The CICT should now engage the three banks, and ascertain what extra help they may require to spur them to transfer added labor-intensive, information technology-enabled global processes here, and then purposely address those needs," Santiago said.
"We have to carve a larger niche in the lucrative global market for outsourced F&A services, which is estimated to reach $25 billion this year," said Santiago, chairman of the House information and communications technology committee.
"In terms of availability human resources, we are definitely in an excellent position to seize a bigger share of the market," Santiago said, adding that the country produces 6,000 to 7,000 accounting graduates every year.
Unlike contact centers that require only English language proficiency, the F&A back offices of global banks mostly require staff with skills in accounting or finance, economics, statistics or mathematics, or some exposure to lending and treasury operations.
Through Deutsche Knowledge Services Pte. Ltd., Frankfurt-based Deutsche Bank already operates a global delivery center in Manila that employs more than 1,600 professionals.
Deutsche Knowledge Services is now among the Philippines' top 1,000 corporations, posting P2 billion in revenues in 2007. The firm earlier said it intends to build up its Philippine operations and grow its local staff to 2,500 this year.
New York-based JPMorgan, for its part, has been aggressively recruiting finance professionals for its back office in Manila. The office supports the bank's mostly US-based home, credit card and auto financing services as well as treasury and anti-fraud operations.
The back office also includes a contact center that the bank plans to expand by increasing the number of seats from 2,000 to 6,000.
JPMorgan Chase Bank N.A. Philippine Customer Care Center is now also among the Philippines top 1,000 firms, posting revenues of P1.5 billion in 2007.
As to London-based HSBC, the bank recently launched a new group service center, backed by a staff of 3,500, at the UP Ayala Land Technohub in Quezon City. This is on top of the bank's Northgate Cyberzone, Muntinlupa City hub, also with a staff of 3,500.
HSBC Electronic Data Processing Inc. is now also among the Philippines' top 1,000 firms, posting P3.6 billion in revenues in 2007.
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