Congressmen seek probe on HSBC’s outsourcing activities

A group of Congressmen, called the Makabayan bloc, has urged the Congress leadership to investigate the outsourcing activities of HSBC Philippines Ltd. The group claimed that the outsourcing activities of HSBC Philippines resulted in a decrease in local bank employment, according to the Business Mirror. The Makabayan bloc, comprising party-list Reps. Fernando L. Hicap of Anakpawis; Neri J. Colmenares and Carlos Isagani T. Zarate of Bayan Muna; Luzviminda C. Ilagan of Gabriela, Emmi A. de Jesus and Antonio L. Tinio of ACT Teachers; and Terry L. Ridon of Kabataan, filed House Resolution 2573, urging the leadership of Congress to investigate. The group claims that HSBC in 2009 outsourced about 450 banking functions, which had been previously handled by some 400 regular employees, to a third-party agency.