GLOBAL financial giant Bank of America Corp., which operates a small overseas branch in what used to be called the Bank of America-Lepanto Tower on Paseo de Roxas Ave. in Makati City, has finally opened its own call center in the Philippines and chose Taguig City as its base of operations.
BA, the second-largest American financial holding company, is a relative latecomer in the local financial business process outsourcing industry since US financial giants JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. have already long established their backoffice operations in the country.
Among the coverage of this decision, this bit was particularly galling:
Roman Romulo, deputy majority leader of the Philippine House of Representatives, bragged to the Manila Standard Today earlier this month that the Philippines “has secured its place as the world’s fastest-growing outsourcing hub.” Romulo pointed out that BofA is the last of the “big four” US banks to move their business-support network to his island nation, where the average family makes $4,700 a year.
BoA’s restraint in this matter is noted, and my response is as follows:
They’re going to get theirs, the only thing the rest of us are going to get is GOT.