Apr

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The largest US-based financial holding firm by assets, JPMorgan Chase & Co., will likely transfer more business support functions to its global in-house center (GIC) in Manila, Philippines.

JPMorgan Chase Bank, N.A.–Philippine Global Center has emerged as Manila’s largest GIC of a global corporation. Established in 2005, the center generated almost P10 billion in revenues in 2011, and has a staff of more than 10,000 at The Net Plaza in Taguig City and at The Asiatown IT Park in Cebu City.

The center provides strategic support, including voice-based customer services, to JPMorgan’s various lines of business 24 hours a day, seven days a week. It supports card services, retail financial services (home lending, auto finance, education finance, telephone banking, business banking), and treasury and securities services.

The center also assists in human resources, performance improvement, quality assurance, IT, accounting, account servicing, collections, operations management, project management, and risk and compliance.

… We see JPMorgan moving more business support activities to its back office in Manila over the next 24 months. This augurs well for our fresh college graduates and young professionals looking for gainful outsourcing service jobs,”

– Roman Romulo, congressman and House Deputy Majority Leader who support the Philippines’ booming business process outsourcing industry (BPO).

Romulo is author of the new Personal Data Privacy Act of 2012, which has helped to drive outsourcing to the Philippines. His congressional district of Pasig City is home to 16 Philippine Economic Zone Authority-registered information technology (IT) parks that in turn host a growing number of BPO firms.

 

Global corporations have aggressively conveyed non-core, labor-intensive and IT-enabled business support jobs to the Philippines, a lower-cost location with ample supply of fluent English-speaking college graduates.

They have either established their own GICs in the country, or contracted out the jobs to independent multinational BPO providers operating here.

The country’s BPO and IT industry includes contact center services; back offices; medical, legal and other data transcription; animation; software development; engineering design; and digital content.

 

Outsourcing Issues and News. Get your daily dose of professional business information and analyses searched and summarized by OutsourcingOpinions.com from the world business news agencies and major resource sites.

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Source:
JPMorgan to transfer more operations to Philippines.
Sun Star. 25 March 2013. Retrieved 27 March 2013 from
Link Here.

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