US stock exchange and financial technologies provider Nasdaq will expand in the Philippines, with plans to expand its workforce to 400 employees, company officials cited by Philstar said.

In a press conference, President of Capital Access Platforms at Nasdaq Nelson Griggs said the move is part of the company’s commitment to help advance economic growth in the country by creating jobs and fostering a highly skilled workforce.

“We look forward to building on all of the team’s tremendous accomplishments, as well as doubling down on our existing efforts to deliver continued growth for our clients locally and across the globe,” Griggs said.

The decision to expand in the Philippines comes after, on 18 October, Nasdaq announced a profitable third quarter, with net revenues increasing by 6% compared to the same period last year and reaching $940m.

According to Ann Dennison, Nasdaq’s Executive Vice President, the company “delivered broad-based revenue growth in the third quarter and had a particularly strong performance in our Index and Anti-Financial Crime businesses.”

“With our continued strong cash flows, we are fully prepared to execute our capital plan to pay down debt, continue to increase our dividend, and repurchase shares in the coming quarters to achieve our financial goals with the announced Adenza acquisition,” Dennison added.

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The Philippines has long been a local outsourcing destination for US companies in Southeast Asia. However, according to the US Department of State, FDI inflows decreased by 23% in 2022 to $9.2bn, down from $11.9bn recorded in 2021.

Despite this, other Western companies in the tech, media and telecom sectors have either launched or announced their intention to invest in the country. In May this year, SerComm, a Taiwan-based manufacturer of telecoms and broadband equipment, opened a green facility in Carmelray Industrial Park 1 in Calamba, 50 kilometres south of Manila.

The 20,000m² facility – opened through SerComm Philippines, a subsidiary of SerComm – will create 5,000 jobs in the country.