The Board of Investments (BOI) has approved the registration of DB Results (Philippines) Inc., a local unit of a technology consulting firm headquartered in Australia, making its planned ₱35.2-million project in Metro Manila eligible for incentives from the Philippine government.
The investment promotion agency said on Wednesday the firm’s project falls under tier 1 of the Strategic Investment Priorities Plan (SIPP) under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
“The project will strengthen the country’s growing IT-BPM industry even more. 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,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
DB Results (Philippines) Inc. is an expansion of Australian company DB Result Pty Ltd.
Set to open soon at the Bonifacio Global City in Taguig City, the BOI said the new project would provide digital software support to major firms in the financial services, retail, utilities, and pharmaceutical industries.
The newly incorporated company provides digital software development and solutions, cloud managed services, software program management, and delivery, systems implementation, and integration, as well as IT consulting services.
The BOI said 70 percent of the revenues will come from its export services to Australia, Hong Kong, and Thailand, while 30 percent will be generated from clients in the Philippines.
It added that the firm would adopt 100 percent work-from-home arrangement, with 198 full-time jobs seen getting created in the fifth year of its operation.
According to the Philippine Statistics Authority (PSA), commitments from foreign investors in the third quarter decreased by a fifth, with approvals from government investment promotion agencies (IPAs) dropping by 22.4 percent.
Approved foreign investments from these IPAs, which include the BOI, stood at ₱13.05 billion, nearly a fifth lower than the ₱16.82 billion recorded in the same period in 2021.