U.S. investments in PH BPO, finance reach $7.8Bn
MANILA, PHILIPPINES — The United States (U.S.) has invested around $7.8 billion in the Philippine Information Technology-Business Process Management (IT-BPM) and finance industries from 2003 to 2021.
According to the U.S.-Philippines Impact Study by Ateneo School of Government’s Ateneo Policy Center, American firms contributed to the growth of the country’s economy and job generation, particularly in the outsourcing sector.
Ateneo School of Government Senior Research Fellow Dr. Nadia Doytch added that of the 395 U.S.-based firms in the Philippines, 233 invested in the local IT-BPM sector.
“We believe that the American currency has actually had a great influence on the development of this sector. Currently, the country is being ranked number one as a destination for voice-related services and contact-related services,” Doytch stated.
The study also highlighted Concentrix as the biggest investor in the outsourcing sector, spending US$1.1 billion while employing 24,000 workers.
Meanwhile, Ateneo School of Government Dean Philip Arnold Tuaño said American allies see the Philippines as “a safe place to invest [in].”
“The question is by how much because there are still other issues,” he added.
From 2003 to 2021, some 395 U.S.-based firms invested US$22.4 billion in 692 greenfield or new investment deals in the Philippines.
