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The Bangko Sentral ng Pilipinas (BSP) has allowed Citibank and HSBC
to outsource its human resource operation in the country to cut
costs amid the global financial crisis.
A central bank official said the Monetary Board
has approved the two banks’ requests, which may lead to the BSP
allowing other banks to outsource their human resource operations in
the Philippines.
The BSP has amended its circular on outsourcing
other banking functions by adding human resource services.
Under BSP circular number 488, banks may only
outsource nine functions, services or activities. Banks outsourcing
activities are subject to the Monetary Board approval.
HSBC Phils. has almost 2,000 bank employees in
its 24 branches and 5,500 for its business process outsourcing
operations (BPO).
Mark Watkinson, HSBC Phils. chief executive said
HSBC would continue to expand its BPO business this year despite the
expected slower economic growth.
HSBC plans to add 1,000 more seats in its BPO
operations this year.
Sanjiv Vohra, Citi country officer, earlier said
more jobs are expected to transfer in the Philippines, particularly
jobs from the retail banking in Germany and business services unit
in India.
Citigroup had said that it would lay off 52,000
jobs, which is equivalent to 14 percent of its total global
workforce due to significant losses reaching $20.3 billion as of
last year.
In the country, Citigroup employs about 4,000 or
1 percent of the bank’s workforce worldwide.
-- Maricel E. Burgonio
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