Multinational opts for PH as financial services hub

MANILA, Philippines– Heeding the call of Philippine President Benigno Aquino III for investment in this fast-developing archipelago, a major multinational did just that Tuesday with the inauguration of finance center hub here in a bid to catapult the company’s financial transactions and services across the Asia-Pacific Region.

Johnson & Johnson Inc., set up the Global Finance Services (GFS) center to provide financial services across Johnson & Johnson sectors in the Asia Pacific region, including Consumer, Medical, Pharmaceuticals, Vision Care, Ortho-Clinical Diagnostics and Information Technology Services.

A handsome four-story building located at the Johnson & Johnson’s Philippine headquarters in Parañaque City, the GFS center officially opened for business following a short program attended by various members, officers, and business leaders of Johnson & Johnson’s who flew in from different parts of Asia.

“GFS wil be the backbone of our financial organization.” Dominic Caruso, Vice President and Finance and Chief Financial Officer of the company said on his speech.

“The establishment is a milestone in the international community. It will provide high-quality and cost-effective transactional processing and financial reporting services under global governance, executed at a global, regional, and country level as required.” Caruso added.

The Consumer segment make up the Philippines’ largest contribution in the company’s sales. It is also the longest standing affiliate of Johnson & Johnson Inc. in Asia, with its 55th anniversary this year.

“We chose Philippines as the ideal location because its workforce has a long list of strengths.” Vice President Finance, GFS Joseph Bondi revealed.

Caruso also tagged Filipinos as a ‘skilled group of people’ who are well trained, hard-working, educated, and dedicated.

“The company aims to hire a total of 150 employees by the end of 2011, and shall expand as time goes by.” Caruso added.

GFS has a maximum employment capacity of 700 and is currently being manned by approximately 120 Filipino finance professionals. Erika Villanueva, contributor, INQUIRER.net