Thursday, November 13, 2008

Obama's Victory To Increase Investor Confidence

The Davao City Chamber of Commerce, Inc. is optimistic that the victory of United States President Barack Obama will increase investor confidence not only in the US but in other countries as well.

"We are optimistic but also realistic---we do not expect that a solution to the US recession will happen in the next 6 to 9 months but investor confidence will definitely increase," DCCCI president
Simeon Marfori said . The increase in investor confidence may not be to the previous level, he added, but it will increase with his victory.

Marfori sees a resurgence of the country's Business Process Outsourcing or BPO sector even with the slowing down of the US economy. With the American companies gearing towards cost-cutting measures, he said, they will then outsource their non-core activities to other countries like the Philippines.

It is good business sense to outsource non-core jobs since it will cost less than employing over-qualified personnel in the US who ask for higher salaries. Filipinos can look forward to more outsourced jobs in the following sectors: graphic design, content development, transcription and call centers.

However, those in the BPO sector are still worried about Obama's stance against outsourcing since he has declared his intention to end tax breaks for companies outsourcing their services outside the US. Some Americans consider the outsourcing trend as the reason why many of them are jobless.

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