Despite speculations that re-elected US President Barack Obama intends to reopen debates over an anti-outsourcing bill in the US Congress, the Business Processing Association of the Philippines (BPAP) on Friday said it would continue supporting American businesses and the fragile US economy.
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The Philippine outsourcing industry would continue helping American companies ?? to ensure they are among the most competitive in the world while freeing up resources to create more jobs in the US,? said BPAP president and CEO Benedict Hernandez.
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By outsourcing non-core operations to Philippine-based providers, American companies become more profitable and competitive, Hernandez said.
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"Profitable companies hire more workers, both here and in the United States," he said.
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The ?Bring Jobs Home Act? failed to pass in the US Senate last July. Its goal was to remove tax incentives from US companies that outsource non-core operations and manufacturing jobs to other countries. If legislated, the law would give US companies a 20-percent tax deduction on costs associated with closing outsourced operations and transferring jobs to the US.
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However, numerous studies have shown that outsourcing has little negative impact on job losses and in fact fosters job growth in companies that outsource business processes, according to BPAP.
?Dartmouth?s Tuck School of Business economist Matthew Slaughter, in a study of the hiring practices of 2,500 US multinationals, found that for every job outsourced, nearly two new jobs are created in the US,? Hernandez noted.
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The global outsourcing industry is seen generating $220 billion in revenues this year $35 billion in 2009, according the Everest Group.
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?Demand for global IT-BPO services is huge and continues to expand at a rapid rate,? Hernandez said.
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?Outsourcing is a win-win proposition, and we believe that both American and Philippine companies ? and American and Filipino workers ? will continue to benefit from the opportunities it provides,? he added. ? VS, GMA News
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