JPMorganâ€™s PH unit is top BPO taxpayer
MANILA, Philippines - Financial services giant JPMorgan Chase & Co.'s Philippine unit is the top taxpayer among business process outsourcing (BPO) firms in the country.
House Deputy Majority Leader Roman Romulo said JPMorgan's in-house worldwide service center in Manila is listed as the No. 1 taxpayer among BPO providers in the Philippines.
JPMorgan Chase Bank, N.A.-Philippine Global Service Center paid P139.65 million in taxes on gross sales of P8.75 billion in 2010. Based on the Bureau of Internal Revenue (BIR) list of top corporate taxpayers, it ranked No. 158 overall.
The service center employs more than 9,000 in its offices at the Net Plaza in Taguig City and Asiatown IT Park in Cebu City. It provides back office support to JPMorgan's businesses and clients around the world.
"That a BPO entity has advanced as a leading corporate taxpayer is testament to how huge our outsourcing industry has grown," Romulo said.
The Pasig congressman is the author of the proposed Data Privacy Act, which mandates public and private entities, such as BPO firms, to protect the integrity and confidentiality of any personal information collected from their clients, in line with international privacy standards.
The Senate and the House of Representatives have already passed the bill on third and final reading. The two chambers are set to reconcile their versions of the bill before it is signed into law by President Aquino.
"We have very high hopes it will soon be signed into law," he said.