Call-center boom creates new Filipino millionaires

The boom in call centers and other business-process outsourcing companies (BPOs) set up in the Philippines creates thousands of jobs and makes some Filipinos multimillionaires, Rep. Joseph Santiago of Catanduanes said.

Filipino senior executives and managers of startup BPOs in the country are enjoying stock options by buying company shares at discounted rates on top of their big regular salaries and bonuses, Santiago said.

He cited a Filipino executive at the PeopleSupport call center, who recently sold his 17,000 shares at $10.45 a share in the United States. He got $177,650 (P9.8 million).

Philippine-based BPOs that are listed on the Nasdaq stock exchange in the USA are Sykes Enterprises Inc., ICT Group Inc. and TeleTech Holdings Inc.

"We are happy for these new multimillionaires. We hope they will invest their newfound wealth in new ventures that will create more jobs and income for more Filipinos," he said.

Santiago also urged other publicly listed multinational BPOs in the country to offer stock options to rank-and-file employees.

"This way, they can attract young and bright employees and keep the unusually high attrition rates in BPOs in check," he said.

Jonathan M. Hicap ABS CBN NEWS

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