BOI OKs P35.2-M IT-BPM service provider in Taguig City

The Board of Investments (BOI) has approved the registration of a new information technology-business process management (IT-BPM) service provider company which will be opening a site in Taguig City.

In a statement on Wednesday, the BOI said it approved the application to register of DB Results (Philippines) Inc.

The company is eyeing to engage and provide necessary digital software support for various companies in the financial services, retail, utilities, and pharmaceutical industries to improve their operations and efficiency, according to the investment promotion agency.

DB Results will open its site in Bonifacio Global City in Taguig City with P35.2 million worth of investment.

The firm chose the Philippines as the location of its project because of its known competitive Filipino workforce with high technical skills and level of English proficiency, the BOI said.

The agency said the firm’s project activity falls under Tier 1 of the Strategic Investment Priorities Plan (SIPP) under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The project will strengthen the country’s growing IT-BPM industry even more. Attesting the competitive edge of the Philippines in the industry, this latest addition to the many thriving companies in the sector is a testament that the Philippines remains as a top destination for IT-BPM industry,” said Trade Undersecretary and BOI managing head Ceferino Rodolfo.

The BOI said 70% of DB Results’ revenues will come from its export services to Australia, Hong Kong, and Thailand, while 30% will be generated from its domestic clients in the Philippines.

The company will adopt 100% work-from-home (WFH) arrangements, it said.

The approved investment is seen to provide job opportunities to 198 full-time employees in the fifth year of its operation.

DB Results is an expansion of Australian firm DB RESULTS Pty Ltd., which is engaged in providing high-end digital software solutions to major companies in various fields such as financial services, retail or fast-moving consumer goods (FMCG), utilities, telecommunications, pharmaceutical, among others.  

The BOI said the IT-BPM sector is one of the top-performing and job-generating activities in the Philippines, as it recorded revenue of $29.49 billion in 2021, up 10.6% from the preceding year.

The sector tallied some of the highest increases in employment even as the COVID-19 pandemic hit the country, it said.—AOL, GMA Integrated News