PWC AC expansion ‘confidence’ signal

US-based multinational accounting firm PricewaterhouseCoopers (PwC) bared a huge expansion plan in the country that is expected to increase its employment by at least 5,000 jobs, according to Trade and Industry Secretary Fred Pascual.

Pascual accompanied President Ferdinand “Bongbong” Marcos Jr. to the United States for the Trilateral Summit among the US, Philippines and Japan.

Ambassador to the United States Jose Manuel “Babe” Romualdez estimated that the three-way upgrade in relations would result in $100 billion in investments in the country within five years at least.

PWC’s increased investments in its local operations are an indication of confidence, Pascual added as he welcomed the multinational’s local unit,  PwC Philippines’, planned Global Acceleration Center project.

Pascual held meetings with PWC officials as part of sideline engagements during the landmark trilateral meeting.

The PwC Global Acceleration Center in the Philippines underscores the country’s growing role as a prime destination for innovative business process outsourcing (BPO) operations.

BPO enhanced

The project will focus on high-value BPOs in consulting spaces, including artificial intelligence (AI), cloud computing, and cybersecurity, slated to create 54,000 new jobs within a three- to four-year timeframe.

An additional 1,000 to 2,000 workers are also projected by Isla Lipana & Co., the Philippine member firm of the PwC network, to support the manpower needed for the project, translating to an estimated PHP 2 billion in additional revenue for the Philippines annually.

“We are deeply grateful for PwC’s decision to launch this new project in the Philippines and their continuing confidence in our country as a global BPO partner,” Secretary Pascual stated.

He underlined the critical role of the Information Technology and Business Process Management (IT-BPM) sector for the Philippines, aligning with the Technology, Media, and Telecommunications Cluster identified in DTI’s Science, Technology, and Innovation industrial strategy.

“The DTI recognizes the transformative potential of AI for the Philippine economy. Hence, we strongly advocate for building AI capabilities to meet the evolving needs of businesses, such as PwC’s Global Acceleration Center,” he added. The Secretary also extended an invitation for PwC to collaborate with DTI for the National Innovation Hub.

In encouraging PwC to support the government’s workforce development programs aimed at further enhancing the skills of Filipinos, Secretary Pascual reiterated that the DTI and its agencies stand as steadfast partners to PwC and are fully dedicated to bolstering the company’s business growth in the Philippines.