BoI OKs P35.2-M IT project in Taguig

THE Board of Investments (BoI) has approved the registration application of a new information technology-business process management (IT-BPM) service provider, saying this would strengthen the country’s competitive edge.

DB Results Inc. was given the go-signal to proceed with a P35.2million project in Bonifacio Global City, Taguig that will provide software to companies in the financial services, retail, utilities and pharmaceutical industries.

“The project will strengthen the country’s growing IT-BPM industry even more,” Trade Undersecretary and BoI managing head Ceferino Rodolfo said in a statement on Wednesday.

“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,” he said.

The project falls under tier 1 of the Strategic Investment Priorities Plan (SIPP) under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act, the BoI said.

It will adopt 100-percent workfrom-home arrangements and is expected provide job opportunities to 198 full-time employees in the fifth year of its operation, the BoI added.

DB Results, a newly incorporated company, expects 70 percent of its revenues to come from Australia, Hong Kong and Thailand, and the rest from Philippine clients. It is a unit of DB Results Pty Ltd., an Australian company engaged in providing high-end digital software solutions to companies.

The IT-BPM sector recorded revenues of $29.49 billion last year, up 10.6 percent from the preceding year. The sector also tallied some of the highest increases in employment even as the Covid-19 pandemic hit the country.