Ayala Corp. increases BPO budget to $200M
By Lawrence Casiraya
INQUIRER.net
First Posted 17:46:00 08/16/2008
Filed Under: Economy, Business & Finance
MANILA, Philippines -- Ayala Corp. said it has allocated $200 million to finance its business process outsourcing (BPO) operations through subsidiary LiveIT Solutions.
In its latest corporate disclosure, the conglomerate sought to clarify a Businessworld news article, saying it is investing $80 million this year.
Ayala said it has already invested $120 million, including acquisitions conducted through LiveIT Solutions.
The company also revised its investment projections, citing a total budget of $200 million. Fred Ayala, chief executive of LiveIT Solutions, last year said Ayala Corp. has earmarked $100 million in the next five years for BPO.
Established middle of 2006, LiveIT is the holdings arm of Ayala Corp. for the latter's BPO acquisitions.
In October that year, LiveIT invested P900 million in Integreon Managed Solutions, a company based in Los Angeles and runs delivery centers in New Delhi and Mumbai in India that provide legal process outsourcing.
In January 2007, LiveIT announced it has invested around $28 million in Affinity Express, a Chicago-based company that offers outsourced graphics and design services.
Ayala Corp. projects the local BPO industry to reach $13 billion in the next five years, from the current $7 billion.
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