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Indian industry discovers Philippines
Submitted by editor on January 23, 2010 - 10:28
D Y Vyas
India, one of the world's leading BPO destinations, has discovered a partner in Philippines. The annual turnover of Indian IT & ITeS industry is a whooping USD 70 billion, according to NASSCOM, the leading software association. Increasing Indian presence is set to drive this industry faster in the countyr.
In the past few years, several Indian and India-based BPOs have opened shop in the Philippines. Notable amongst them is InterGlobe Technologies, an India-based travel IT and BPO companies. It has setup a center in the city of Taguig in Metro Manila near Fort Bonifacio. The recently opened center has hired over 350 Filipinos in the past 3 months alone. It also has plans to expand it further. To share its commitment to Philippines, Kapil Bhatia, Executive Chairman, InterGlobe Enterprises, the USD 1.5 billion parent company of InterGlobe Technologies was present at the launch.
ALLSECTECH, ICICI Onesource, IBM Daksh, Hinduja Global, InfoSys, Intelenet, ITouchPoint, Magente, vCustomer and others have started IT and BPO operations in the city. Not left far behind are other companies such as B V & R, Midtown Manufacturing, Market Reach and other companies that operate in manufacturing, commodities and food sectors.
One reason attributed to the advent of Indian companies is the immense talent and English-speaking base in the Philippines. The country is also investor friendly with a Philippine Economic Zone Agency (PEZA) doling out a series of incentives and a single point documentation. The incentives include a 5 -year tax holiday, which will extend on meeting the foreign income targets. The export oriented companies are also eligible to do 40% of their business in the local market, which is a big incentive.
Philippines will benefit tremendously with Indian expertise in areas such as engineering, technology and BPO industry. Also, it is a place that has a potential to accept investment that is both large scale and small scale and is an ideal destination for Indian companies.
