JPMorgan unit in PHL cited as top BPO taxpayer

A lawmaker on Thursday cited the local unit of global financial services giant JPMorgan Chase and Co. for being the top taxpayer among business process outsourcing (BPO) firms in the Philippines.

 

Pasig City Rep. Roman Romulo, vice-chairperson of the House committee on information and communications technology, lauded the financial holding company for paying P139.65 million in taxes on gross sales based on Bureau of Internal Revenue data.

 

“That a BPO entity has emerged as a leading corporate taxpayer is testament to how huge our outsourcing industry has grown,” he said in a statement.

 

He added that the BPO firm also ranked 158th among the top 500 Philippine corporate taxpayers.

 

JPMorgan Chase and Co. employs more than 9,000 Filipinos in offices in Taguig City and Cebu City.

 

Last year, around 630,000 Filipinos were employed in the BPO industry, which posted $11 billion in revenues.

 

The Business Process Outsourcing Association of the Philippines (BPAP) said that the local BPO industry is forecast to grow to 1.3 million workers and could generate some $25 billion in foreign exchange earnings by 2016. — Andreo Calonzo/ELR, GMA News