Bi-Monthly Economic Update
Issue No. 25
In this issue:
ECONOMY
Inflation 11.4% in June, highest in 14 years
Investments up 141% to P204.77B in January-
May
BSP seen to raise key rates this week
FOREIGN TRADE
Banks tell importers to hedge their costs as
Peso depreciates
Export growth slowed to 2.3% in May
GOVERNMENT
BIR sees higher VAT revenues with new
withholding tax law
Gov’t. revising economic growth target - Teves
DTI scraps filing fees for exporters'
accreditation
SHIPPING
ICTSI takes control of South Cotabato port
SBMA stops Hanjin
INFRASTRUCTURE
Ayala to build P3-B complex in John Hay
SM, Ayala Land proceed with expansion
projects
BUSINESS PROCESS OUTSOURCING
Sun Life bullish on Asia, plans BPO hub in RP
Contact center opens school for call agents
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
July 01 to 15, 2008
ECONOMY
Inflation 11.4% in June, highest in 14 years
The prices of services & goods consumed by
an average Filipino household went up by
11.4% in June from a year earlier - the fastest
rate recorded in 14 years - due to the
substantial increase in the cost of rice and
1 other food products, the National Statistics
Office reported .
1
“June inflation rose to double-digits due to the unprecedented
jump in world oil prices,” Governor Amando Tetangco Jr. of the
2
Bangko Sentral ng Pilipinas (BSP), told reporters. “As a result,
domestic pump price increases triggered large price buildup
across wide commodities and services groups.”
2 The June inflation rate exceeded the BSP forecast of 10.4-11.2%
and the 9.5% recorded in May. For the January-June period,
inflation averaged 7.6%, way above the government’s full-year
3 target of 3.0-5.0%.
Global crude oil prices reached $145 a barrel; The BSP warned
that commodity and oil prices were still on their way up and would
3 peak in the 3rd Qtr. It said inflation would start to moderate in the
4th Qtr & through 2009. Since the Philippines is a rice importer,
one of the biggest in the world, it is vulnerable to price increases in
4 the world rice market. (Philippine Daily Inquirer 07-05-08)
4
Investments up 141% to P204.77B
in January-May
5
Combined investments approved by the Board of Investments
(BOI) and the Philippine Economic Zone Authority (PEZA)
5 soared by 141% to P204.77 billion during the first five months of
the year from P85.11 billion a year ago. The amount is expected
to generate employment for 90,452 workers. For May alone,
investment approvals grew by 703% to P92.22 billion from
6 P11.48 billion.
7 “This strengthens our resolve to
continuously provide a business-
friendly environment to investors.
The DTI shall continue to support
the initiatives undertaken by the
7 National Competitiveness Council
whose vision is to establish a
8 competitive Philippines by 2020
and instill the culture of
excellence among Filipinos,”
Trade Secretary and BOI
Chairman Peter B. Favila said.
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008
He said the impressive performance is largely due to the
implementation of competitiveness measures. These measures
are likewise instrumental in moving the Philippines five notches
up to the 40th place in the World Competitiveness scoreboard.
The top investment sectors are manufacturing with P78.17
billion; electricity, gas, and water with P61.01 billion; real estate,
renting and business activities, P28.45 billion;
infrastructure/industrial service, P11.14 billion; and transport,
storage and communication P7.53 billion.
The biggest growth rate was seen in the storage and
communication sector with 638% followed by electricity, gas and
water which grew by 374%; manufacturing 79%; and renting and
business activities, 54%.
A major number of big ticket projects in the manufacturing and IT
services sectors are to be located in the export zones and IT
parks and buildings of PEZA.
Foreign investors account for 34 percent of total investments
while Filipinos committed P135.47 billion, or 66 percent of the
total approved investments. Top three foreign investors include
Koreans P21.24 billion, British P20.66 billion and Americans
P9.05 billion. (Philippine Star 07-05-08)
BSP seen to raise key rates this week
The Bangko Sentral ng Pilipinas (BSP) is
expected to raise its key policy rates by at least
25 basis points and at most 50 basis points on
Thursday to curb inflation amid surging oil and
food prices. The market is awaiting the
outcome of Thursday’s Monetary Board
meeting with the inflation rate rising to its
highest level in over a decade to 11.4%.
The Development Bank of Singapore (DBS) said in its latest report
that it expects the BSP to raise the reverse repurchase rate to
5.50% and the repurchase rate to 7.50%. According to DBS, the
rise in inflation rate continued to its 14-year high of 11.4 percent
with the core inflation also creeping higher to 6.6 percent in June.
DBS said this reflected some second-round effects of higher food
and energy prices on other parts of the economy. “Expectations of
future inflation are also rising, judging by wage demands and
various surveys,” DBS said, adding “Further tightening is therefore
on the cards this week, and even in the months beyond that.” By
yearend, DBS said it expected the RRP and RP to be lifted to six
percent and eight percent, respectively.
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Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
p. 2
According to a foreign bank operating in the country, however, the
BSP might go one step further and raise its policy rates by 50
points on Thursday, to demonstrate that it was willing to take
aggressive steps. Merrill Lynch earlier said the BSP was likely to
raise its key policy rates by 100 basis points this year beginning
with a 25-point hike this week and then by another 25 points in
August, October and November.
Merrill Lynch’ Global Economics Team said in its latest report that
inflation was the key macroeconomic risk for Asia, particularly in
emerging economies like the Philippines.
(Philippine Star 07-15-08)
FOREIGN TRADE
Banks tell importers to hedge
their costs as Peso depreciates
BANKS are encouraging importers to hedge against the peso,
which has lost more than 9% against the dollar this year, in order
to rein in their costs. The decline of the peso against the dollar
has made imported inputs or products more expensive.
Importers, therefore, need to hedge against the peso’s fall if they
want to keep their costs down and preserve their bottom line.
"Hedging can work both ways, whether the peso is going up or
going down," Rafael S. Algarra, Jr., Security Bank Corp. treasurer
told reporters on the sidelines of the Bangko Sentral ng Pilipinas’
Stakeholders’ Awards last week. "There’s less need among
exporters to hedge right now, but a (great) need among
importers."
Hedging is a financial tool designed to minimize one’s exposure
to business risks while still allow one to profit from an investment
activity. Some of the most common currency hedging tools
offered by banks include forward contracts, options and swaps.
Last year, when the peso appreciated against the dollar, the
central bank urged exporters to use hedging to protect their
profits. A strong local currency makes exports more expensive.
The peso has depreciated to the P45-per dollar level from the
P40-per dollar level at the start of the year — a reversal of the
19% gain it recorded last year that made it Asia’s best performing
currency. "Hedging should be a way of life and that’s what we
always tell our clients. Even us in the industry who constantly
watch the markets, we actually hedge quite a bit as well," he
added. (BusinessWorld 07-15-08)
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 3

GOVERNMENT
Export growth slowed to 2.3% in May
BIR sees higher VAT revenues
with new withholding tax law

The Bureau of Internal Revenue (BIR) expects to

generate more revenues from the value-added tax
(VAT) with the implementation of Republic Act 9504,
the law that exempts minimum wage earners from
income tax and increases the personal and additional
exemptions of individual taxpayers.
BIR Deputy Commissioner Nelson Aspe said minimum
wage earners are expected to take home an additional
P760 a month with the implementation of the new law.
This, Aspe said, would boost their purchasing power,
which would then translate to higher VAT collections.

“The increase in VAT collections will come from the

higher take-home pay,” Aspe said as he explained that
taxpayers are expected to spend more given the
additional take-home pay they will get as a result of the
law’s implementation. However, he said the agency has
yet to come up with an estimate as to how much in
additional VAT may be generated.

Aside from the expected increase in VAT collections, the

new law is also expected to generate P15.03 billion
through the Optional Standard Deductions or OSD
provision. This is expected to offset the estimated
revenue loss of the government of around P14.25 billion
yearly from the implementation of the new law.

The law allows the use of OSD in filing business income

tax returns. It sets a 40-percent deduction in the income
of self-employed individuals, professionals and
corporations. The OSD is expected to encourage
businesses in the underground economy to operate
above-ground, according to the BIR. The law will take
effect on July 6 or 15 days after its publication in at least
two newspapers of general circulation.
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008
In a public hearing yesterday on the implementation of the
new law, Aspe clarified that only one-half of the total amount
for personal and additional deductions can be availed of for
purposes of computing the income tax for calendar year
2008. Starting January 2009, individual taxpayers can avail
themselves of the full personal exemption benefits and
additional deductions under the new law.
Aspe said that at least 500,000 minimum-wage earners will
benefit from the increase in personal exemption and
allowable deductions. The new law also exempts holiday
pay, overtime pay, night-shift differential and hazard pay
from income tax of minimum-wage workers.(Philippine Star
07-02-08)
Gov’t revising economic
growth target - Teves
MANILA, Philippines -- The Philippine
government is revising its economic
growth target for the rest of 2008,
Finance Secretary Margarito Teves
said Tuesday as the country battles
high inflation and slowing world
growth.
But Teves did not indicate the likely outcome of the revision
of targets for this year and 2009, which comes as experts
predict higher Philippine borrowing costs after annual
inflation hit a 14-year high above 11.0% in June.
The global downturn "will really hit us in 2008, especially
during the second half," he told reporters, adding world
economic conditions should improve next year.
Philippine economic growth eased to an annual rate of 5.2
% in the three months to March after rising by 7.2% in 2007,
which was the highest figure in decades.
Many Asian nations fear economic growth will slow due to
surging inflation as food and fuel costs rocket amid a global
boom in commodity prices. They also worry about the
slowdown in the United States, the world's biggest
economy.
A Philippine daily said the government would slightly widen
the 2008 growth target to between 5.7-6.6%, from 5.7-6.5%.
It said the 2009 target would become 6.1-7.0%, from 6.2-
7.0%.
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Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
p. 4
Meanwhile, President Gloria Arroyo said her cabinet was
studying the country's foreign trade data, saying the
Philippines should try to boost exports as import costs for oil
and rice bite.
She said the exports could include "hard commodities such
as primary products supplemented by soft commodities
such as tourism and outsourced business processing.“
Teves also dismissed calls by the opposition and the
dominant Roman Catholic church to help Filipinos squeezed
by high energy prices by abolishing a sales tax of 12.0
percent on petroleum products.
"The power to suspend the VAT (value added tax) on oil
rests on Congress," he said, adding the proposal would lead
to lost revenue of $1.6 billion.
The money would otherwise be used to help the poor cope
with oil and food prices, he added. (Philippine Daily
Inquirer 07-08-08)
DTI scraps filing fees for
Exporters' accreditation
The Bureau Of Export Trade Promotion, an agency of the
Department of Trade and Industry, has scrapped the filing
fees for the accreditation of exporters under the Export
Development Act in line with efforts to boost the country's
global competitiveness.
According to the Export Development Council, the move
was pursuant to Executive Order No. 554, which aims to
improve the competitiveness of the country's export sector
through the removal of fees and charges imposed on export
clearances, inspections, permits, certificates and other
required papers.
Exporters used to pay the BETP between P1,000 and
P5,000 in annual filing fees for accreditation. EO 554 also
ordered government agencies to make paperwork easier
and faster, or scrap permits entirely if possible.
The order was issued in 2006 following high-level
consultations among government and business executives
and was in response to exporters' complaints that most of
the fees and permits were "largely ceremonial, not
necessary and often (the cause of delay for) the shipment of
goods to destinations abroad.”
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 5

Data from Philexport showed that as of 2007, 14 out of 27 The integration was brought about by virtue of a Customs
agencies that were asked to stop charging fees for export memorandum order requiring all cargo handling operators to
permits and clearances have done so. Based on Philexport merge into one entity. In 2004, SCIPSI became the first
monitoring, the first few agencies that complied with the EO cargo handling operator in the Visayas and Mindanao to be
were those attached to the Department of Agriculture. ISO-certified.
These include the National Food Authority, Bureau of
ICTSI is a global port player that has operations in Manila,
Animal Industry, Fiber Industry Development Authority
Brazil and Madagascar. It also acquired terminals in
(FIDA), National Tobacco Administration, Philippine
Ecuador, Syria, Georgia and Colombia. (Philippine Star 07-
Coconut Authority and Bureau of Fisheries and Aquatic
11-08)
Resources.
Other agencies that scrapped the fees were the Bureau of
SBMA stops Hanjin
Food and Drugs, International Coffee Organization
Certifying Agency, the Department of Trade and Industry's
cement export clearance office and regional offices, the
Department of Energy's oil industry management bureau
and Philippine International Trading Corp. (Philippine Daily
Inquirer 07-08-08)

SHIPPING
ICTSI takes control of
South Cotabato port
Port operator International Container Terminal Services Inc.
(ICTSI) has acquired a controlling stake in South Cotabato
Integrated Port Services Inc. (SCIPSI).
In a disclosure to the Philippine Stock Exchange, ICTSI said
it bought the 71,845 shares owned by Cordillera Properties
Holdings Inc. in SCIPSI for P250,000. Also part of the deal
is ICTSI’s assumption of Cordillera’s obligations amounting
to P18.03 million. With the purchase, ICTSI now owns
50.08 % interest in SCIPSI.
SCIPSI provides stevedoring and cargo handling services at
the Makar Wharf in the Port of General Santos in General
Santos City, South Cotabato. It is the integration of the
seven former cargo-handling contractors at the Port of
General Santos City namely Dadiangas Arrastre Services
Inc., Delas Marias Brokerage Inc., General Santos Terminal
Co., Matutum Arrastre and Stevedoring Corp., Matutum
Terminal Brokerage Inc., Southern Mindanao Services Co.
and Velayo Brokerage Inc.
_________________________________________________
Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
SUBIC BAY FREEPORT – The South Korean firm Hanjin
Heavy Industries Corp.-Philippines (HHIC-Phils.) was
ordered to stop operations yesterday after another worker
died in an accident in its shipyard over the weekend.
This is the third time that HHIC-Phils. has been issued a
cease-and-desist order since the shipping company started
operations in 2006. Ramon Agregado, Subic Bay
Metropolitan Authority (SBMA) senior deputy administrator
for support services, told The STAR “legal and regulatory
measures” will be meted out against HHIC-Phils. if it is
found to have disregarded health and safety requirements.
“This shall be without prejudice to other sanctions, fines and
penalties that may be imposed against HHIC-Phils. Inc. as
principal of Subic Han Sung Inc. should the latter be found
guilty or remiss of its obligations to fully provide for the
safety and health of its workers,” he said.
Agregado said the latest incident raises questions about
HHI-Phils.’ compliance with occupational safety and health
rules and regulations. A total of 13 fatal accidents have
been reported at HHIC-Phils.’ $1.6-billion shipyard since
2006, he added.
Agregado also directed Subic Han Sung Inc., the HHIC-
Phils. subcontractor that employed Benjie Gamolo, the
worker who died in the accident, to explain within 48 hours
why its registration should not be suspended or revoked. A
seven-day cease-and-desist order was issued against Subic
Han Sung.
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008 p. 6

The two separate orders were sent yesterday to HHIC-Phils. Ysmael said the property, according to preliminary plans,
president Jeong Sup Shim and Han Sung president Ryoo would be developed into a mixed-use complex with retail
Kwon Taek. and business process outsourcing (BPO) facilities.
On Sunday, the 31-year-old Gamolo was reportedly The development will have about 40,000 square meters of
installing a back girder atop a beam when an eight-foot long, BPO office space and support facilities and about 7,000
eight-ton steel beam slipped and hit him in the back and left square meters of retail area.
side of the body. The back girder was reportedly used as a
The initial project cost is estimated at P3 billion.
brace for parallel columns. Gamolo, a structural erector,
died from the injuries the next day at the James L. Gordon Ayala Land spokesperson Alfonso Reyes said the BPO
Memorial Hospital in Olongapo City. component would consist of six buildings of four stories
each and would house about 6,000 seats.
Last June 20, the SBMA also ordered HHIC-Phils. to stop
operations after a steel formwork collapsed due to strong This will be the first BPO facility in Camp John Hay.
winds, killing one worker and injuring four others.
The lease agreement, which took effect July 1, will be for 39
Records showed that on Jan. 18 this year, two welders – years.
Mario Lacsamana of Subic, Zambales and Jeremias
Groundbreaking for the facility is scheduled for the second
Adamos of Morong, Bataan – died when a welding machine
quarter of 2009.
blew up. Two rigger operators, Eduardo Molina and Niel
Mojica, both from Castillejos, Zambales were killed when “Baguio City is an attractive area for BPO expansion with its
they were hit by a steel platform while working at the quay quality of graduates and temperate climate that lures clients
wall of HHIC-Phils. on March 10 this year. to locate there,” Reyes said.
On June 15, Oliver Labay, a 32-year-old worker from Camp John Hay consists of two parcels of land: the Camp
Olongapo City, died when he was pinned down by a steel John Hay former US military reservation that covers 695
plate while fixing another steel plate at Fabrication 23 Bay hectares, and the 247-hectare rest-and-recreation resort
Assemble Shop of HHI-Phils at Redondo Peninsula on June facility. The latter is now called the John Hay Special
15. — With Bebot Sison Jr. (Philippine Star 07-15-08) Economic Zone and is leased to Camp John Hay
Development Corp.
INFRASTRUCTURE Of the 247 hectares, 48.43 hectares or 20 percent is
occupied by a golf course.
Ayala to build P3-B complex in John Hay Only about 22 hectares, or nine percent, have been
designated as areas where development is allowed.
The remaining areas will be maintained as managed forests,
making the camp an ideal ecotourism destination for both
local and foreign travelers.
Aside from its foray into BPO development in Baguio, Ayala
Land said completion of several BPO projects between 2008
and 2009 would add 190,000 square meters of gross
leasable area in its development projects.
Ayala Land Inc., the real-estate arm of conglomerate Ayala
The company’s current BPO-related projects include the six
Corp., announced it would build a P3-billion retail and office
buildings of the University of the Philippines TechnoHub in
complex on a 12-hectare property in Camp John Hay in the
Quezon City, Nuvali Technopod Building 1 in Laguna
northern resort city of Baguio.
province, the BPO component of Glorietta 5 mall in Makati
In a disclosure to the stock exchange, company senior vice City, the De la Rosa E-Services in the Makati business
president Jaime Ysmael said ALI had signed a land lease district, the San Lazaro Building 1 in Manila, the BGC E-
agreement with Camp John Hay Development Corp. for a Services in Taguig City, and the Cebu eBloc in the central
120,636.92-square-meter lot within the John Hay Special Philippines city of Cebu. (Philippine Daily Inquirer 07-03-
Economic Zone at Camp John Hay. 08)
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Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008
SM, Ayala Land proceed
with expansion projects
MANILA, Philippines--Property
firms continue to pursue large-
scale projects despite swelling
construction costs.
The SM Group, for one, is pushing
through with planned expansions
at its sprawling Mall of Asia
property in Pasay City.
SM Prime Holdings Inc. president
Hans Sy said the group was
building its second business
process outsourcing (BPO)
building, One e-Com Tower 2, by
the end of the year. It will have a
floor area of 100,000 square
meters.
Sy said the SM Group is spending as much as P2 billion
for its One e-Com Tower 2.
"Overseas remittances continue to increase and BPOs
have not stopped expanding," Sy said.
Aside from this, the group is also set to build a new sports
stadium on a two-hectare lot across from its SMX
Convention Center. The stadium will be a venue for major
sports events such as basketball, boxing as well as
concerts and could accommodate 15,000 people.
Meantime, Ayala Land Inc. (ALI) said there would be no
delays in its real-estate projects as the property firm
copes with higher construction costs and compressed
profit margins.
"Take-up has been very good. We're more than 40-
percent sold out at [residential project] The East Tower at
the Serendra (in Fort Bonifacio in Taguig City). Sales are
holding up in spite of a significant price increase," Ayala
Land president Jaime Ayala said.
The company has implemented an average increase of
20 percent across its projects to cover for the rise in steel
and cement prices.
Steel prices, which have doubled from last year, account
for 10 percent of ALI's construction costs. (Philippine
Daily Inquirer 07-07-08)
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Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
p. 7
BUSINESS PROCESS OUTSOURCING
Sun Life bullish on Asia,
plans BPO hub in RP
MANILA, Philippines--Toronto-
based global financial services
group Sun Life Finance Inc. is
upbeat on investing in Asia
despite rising consumer price
pressures as it plans to tap the
Philippines, one of its major
markets over the last 113 years,
as a business process
outsourcing (BPO) hub.
In an interview Friday, visiting Sun Life global CEO Donald
Stewart said economic fundamentals in Asia were so
strong and the prospects very promising given its large and
very young population and that the recent global credit
crunch would not likely have a lingering adverse impact on
the group's operations.
Stewart said the US credit crunch and rising inflation would
have some impact on business in Asia, but these would not
affect Sun Life's long-term confidence on the region.
"We're a long-term player," he said.
He said Asia was so far contributing 5 percent of the
group's net profit and this was expected to surge in the
near future. "That undervalues Asia's contribution because
we're still investing in China and India but growth there is
so rapid," Stewart said. "It won't be long before it takes a
bigger proportion.“
There are lot of new opportunities for Sun Life in the
Philippines, he said. Sun Life Financial president for Asia
Stephan Rajotte said the financial services conglomerate
was significantly investing in research in each country
through Sun Life's study of lifestyles, attitudes and relations
(Solar), which would then shape up the company's product
offerings and business strategy in each market.
Rajotte said the Philippines was not only contributing to
Sun Life's bottom line, being one of the group's early
markets in the region, but also contributing human and
technology resources to the group. Sun Life has a shared
services operation in the Philippines with 160 people--
consisting of IT experts, auditors, accountants and
actuaries--but this group is not yet formed as an
independent BPO unit.
 Bi-Monthly Economic Update
Issue No. 25 July 01 to 15, 2008
"We have plans to form it as BPO operations," Rajotte said.
"The Philippines has all this technology so we want to bring
that to other countries in Asia." Rajotte said he was hoping
to set up the operations this year, but it would all depend on
how soon the group could get the regulatory and other
business approvals.
"Our operation in the Philippines has some of the best
technology for servicing customers. We do a lot of servicing
for SMS, communication with agents on the status of their
policy and their servicing of claims. We don't do that in the
other countries in Asia," Rajotte said.
Sun Life, which pioneered life insurance in the Philippines in
1895, now has three major business lines in the country--life
insurance, wealth management and pre-need. Rajotte said
the legislation of the Personal Equity Retirement Act, for
instance, would allow the company to expand its asset
management business. Similar to a law that catapulted the
mutual fund industry in the US, Pera is envisioned to allow
investors to realize higher compounded gains for
investments set aside each year for as long as the funds are
left untouched until age 55. (Philippine Daily Inquirer 07-
07-08)
Contact center opens
school for call agents
US Performance Consulting Group and Transnational
Diversified Group (TDG) of the Philippines said Tuesday
their joint-venture contact center, ePerformax, will conduct
in-house training for call-center applicants in its Global
Communications & Management Academy (GCMA).
In a press briefing, TDG said GCMA’s training is intended to
meet the strict requirement of the business process
outsourcing (BPO) industry.
“The country is in need of quality
call-center agents,” said Robbie
Delgado, chairman of TDG after
GCMA’s ribbon cutting ceremony
held Tuesday at the Pacific Star
Building in Makati.
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Property of Transnational Diversified Group
Issued by: TDGI – Corporate Planning Department
p. 8
Delgado said GCMA’s 30 trainers will initially train future
call-center professionals for nine weeks on verbal and
written English. He said those who will excel in the initial
training and qualify for leadership position will undergo
another week of management training.
Teresa Hartsaw, president and CEO of ePerformax, said the
academy will benefit people on national and global
perspective.
“This [GCMA] will bring new
generation of Filipinos to the
doors of global career,”
Hartsaw said adding that
training program will qualify
them in job in the Philippines
and at the same time make
them “globally competitive.”
She also said ePerformax’s training center is not keen on
training “hoppers,” referring to agents jumping from one
company to another. Instead, it will focus on applicants who
only need short training on the basics of leadership and
management.
In setting up the academy, Hartsaw said ePerformax aimed
to further develop Filipinos’ speaking and comprehension
skills in English without the aid of scripts to make the
Philippines the number one outsourcing destination in the
world. Asked if the academy is the answer to the industry’s
high-attrition rates, Hartsaw said:” With less than 4 percent
a month, we are better in the overall industry,” assured
Hartsaw.
e-Performax has allocated $4.5 million for its ongoing
expansion program. Of the amount, it will spend $700,000,
or P31.50 million, for the academy. With its ongoing
expansion in two locations, GCMA hires 100 call agents a
week to meet a 3,500-seat capacity by the end of 2008.
Company officials said, will soon rise in Cebu. (Business
Mirror 07-02-08)
Sources:
* Philippine Daily Inquirer * Business World
* Business Mirror * Philippine Star
For a detailed update, please contact
the Corporate Planning Department:
Janice Corro
E-mail: janice.corro@tdgworld.com
Tel No. 527 5312