IIT corporate secretary Serafin Linda said in a disclosure to the Philippine Stock Exchange that preparations for this new venture had already been initiated, including office renovation and identification of principal persons who will be involved in the operations.
She said all other business proposals of the company such as the supposed joint venture with US Asia Solutions and the establishment of Chinatrade.Com have been put in the back burner pending resolutions of some issues that are important in their operations.
IIT’s joint venture with US Asia involves the establishment of a $120-million outbound call center. Under the agreement, a joint venture corporation will be formed to serve as the corporate vehicle for the project. The new firm will be 80 percent owned by IIT and the remaining 20 percent by US Asia Solutions.
IIT, formerly Island Mining & Industrial Corp., had committed to invest up to P300 million in the joint venture company within the next three years. US Asia, on the other hand, has been appointed to manage the call center operations.
US Asia and its associate companies have been in the call center industry within the United States, Canada, United Kingdom, Europe and Asia since 1962.
Among its clients are large US companies with the majority listed at the New York Stock Exchange including Cendant (owner of Avis Rental Car, Century 21, Ramada), Carlson (owner of Radissions, TGI Fridays, Itallianis), Bluegreen, Hilton, and Sunterra.
The company forged the deal with US Asia in view of the promising growth opportunities in the call center industry.
Local contact centers are optimistic that the industry will reach an annual aggregate growth rate of 50 percent or $864 million by 2004.