Speech of President Aquino during the inauguration of the Global Payments Facility at Cybergate Plaza, Mandaluyong

Speech

of

His Excellency Benigno S. Aquino III

President of the Philippines

During the inauguration of the Global Payments Facility at Cybergate Plaza

[November 18, 2010, Mandaluyong City]

I am pleased to be here to personally thank Global Payments Process Center Incorporated for your trust and continued support to the Philippines. Thank you for the confidence you have shown in the Filipino talent. Thank you for your trust in the country’s capability to host the growing demands of the industry. Your business efforts are a testimony to the renewed esteem in our economy.

Along with your many achievements, I congratulate Global Payments for this new 73,000 square foot facility, which we inaugurate today. This new facility will not only accommodate more workers but will also bring more triumphs for your company. This structure is symbolic of your group’s steadfast commitment to development.

The Business Process Outsourcing (BPO) industry in the Philippines has been going from strength to strength. It employs over 450,000 workers and generates around 7.3 billion dollars in revenues as of the end of 2009. From a relatively unknown industry in 2001, it has established its own mark in the business, constantly breaking barriers to expansion. By the end of this year, the Philippine BPO industry is projected to provide more than 550,000 jobs and generate profit of over 9.4 billion dollars. Due to its ascendant performance, it has become one of the preferred activities under the regular list of the Bureau of Investment’s 2010 Investments Priority Plan. All these and more are proof that your sector is well worthy to be in the status of a sunshine industry.

Your successes are reflected in the recent upsurge of the country’s economy—from the record-breaking stock indices; the resounding success of the first ever global peso bond float, which was, if you don’t mind our repeating, thirteen times oversubscribed; and the recent upgrade in Standard and Poor’s outlook. All of these records pronounce: the Philippines is well and truly open for business. Instead of slowing down, these victories will only push us to continue going full throttle and further boost the country’s business climate. The optimism we see, in fact, has gotten the attention of the international community. From our visits to different countries, many foreign businessmen tell me that they perceive the Philippines as a place conducive to investing and expanding their businesses. In my recent trip to Japan for the APEC Summit, we have secured a new 2.85 billion dollars (USD) worth of new investments and 2.6 billion dollars (USD) worth of potential investments which we expect to follow suit from Japanese investors. We have certainly come a long way on our road to success.

As one of the premier payment processing companies in the world, we are honored by your recognition of our country’s potential to provide world-class service to your clients and customers. Aside from our well-developed and highly supported infrastructure, the country meets the main factor to consider when selecting a business location: cost-effective human resources. We have one of the best customer-oriented and service-driven English-speaking workforces, enabling us to provide efficient services to clients in North America, Europe, and the Asia-Pacific. On top of that, TESDA is now working with the private sector to further enhance English proficiency and technical capabilities of the Filipino labor force to successfully qualify for employment.

As I have mentioned time and again, my administration will prioritize job generation. I am grateful to learn that this operations and customer facility will employ over 500 individuals as local full-time agents in the first quarter of 2011. As your business grows, it also opens up opportunities for our people to have more stable income, allowing them to be self-sufficient. This sustainable partnership between the private sector and the government will empower our people to cast off the shackles of poverty.

To Global Payments: I wish nothing but the best in all your endeavors. May the opening of this new facility symbolize the influx of business and success of your company, as well as the arrival of more sustainable partnerships for our country. It is my fervent hope that in our administration, more companies will follow your path in choosing the Philippines as a reliable partner in business. In turn, we pledge, as we did in this morning’s launch of our Public-Private Partnership Program, to be a reliable and consistent place for business.

Good day to all of you. Mabuhay po tayong lahat!