IT company to pursue $30M investments here

An IT-related foreign company with close to US$30-million investments in Cebu has planned of expanding its business interests in spite of the political climate in the country.

Bigfoot Company's chief executive officer Joe Mercado bared that they are now negotiating with the Cebu City government to acquire a lot at the South Reclamation Project for huge and medium scale expansion plans, but declined to elaborate on what specific plans their company has in mind.

Apart from software development, Bigfoot's ventures include a call center, an English institution and the entertainment industry, recently, with state-of-the-art facilities at par with Hollywood, the first-ever in the Philippine filmmaking industry.

About 30 to 40 percent of their total investments have been poured into their entertainment business, this according to Mercado.

Bigfoot's first film venture entitled "Three Needles" is due for distribution in the US in three month's time.

Mercado, likewise, bared the company has definite plans in expanding their entertainment business that is the International Academy of Film and Television located in Lapu-Lapu City.

Last month, their request to the Philippine Export Processing Zone to have the academy accredited as an IT-zone was already granted.

Further, Mercado said that in the last five years since settling their base operations in Cebu, they have not encountered problems with respective government agencies like the Board of Investments, PEZA, and local government units in the processing of their documents.

He further added that the fact that they have expansion plans means they still have confidence in the government and is not overly affected with the political situation in the country.

Currently, the company is employing 500 to 600 locals.

The Board of Investments regional office, on the other hand, said it is optimistic that more foreign investments would come in to Cebu this year as foreign economists and institutions are reportedly one in their observation that President Arroyo is unlikely to be ousted from power despite continuing political threats to her administration. - Gregg M. Rubio