Ahead of the launch of a six-year road map under the Marcos administration, a trade group of information technology and business process management (IT-BPM) companies said on Wednesday that they see their revenues and number of employees growing strongly this year.
The Information Technology and Business Process Association of the Philippines (IBPAP) said the sector is expected to grow its sales by up to 10 percent and its full-time employees by up to 8 percent this year.
“The Philippine IT-BPM sector will take a big leap and continue to trailblaze with digital talent, new ecosystems and enlightened legislation through an ESG-driven agenda,” IBPAP president and CEO Jack Madrid said in a statement, referring to the environmental, social and governance framework.
The IBPAP said the IT-BPM sector is projected to fulfill the industry road map of generating 1.1 million new jobs in the next six years under the appropriate conditions and interventions.
These include favorable government policies on incentives and remote work, stronger and more reliable infrastructure, accelerated upskilling and reskilling of the Filipino talent for digital services, enhanced value proposition to highlight country-level competitiveness, and improved ease of doing business to attract more global investors.
“Additionally, the Philippine IT-BPM sector will create more impact through countryside development, digitally-enabled services, dollar revenue, high-complexity work and indirect employment,” Madrid said further.
The IBPAP will hold its 14th International Innovation Summit on Sept. 27 and 28, where discussions on global and local trends shaping the IT-BPM sector will be discussed by top industry leaders.
IBPAP’s forecast is the latest industry projection raising optimism despite the lingering effects of the pandemic to the economy.
Last Monday, the Contact Center Association of the Philippines (CCAP) also said the industry could grow up to 10 percent annually in export revenue and about 8 percent annually in additional jobs by 2028.
“There is a surge in global market demand, driving double digit growth prospects for Philippine IT-BPM. If we collectively support the industry to capitalize on this global demand, it can mean up to an additional 1.1 million more high value, high paying jobs for Filipinos over the next six years,” CCAP chair Benedict Hernandez said.
Citing global research firm Everest Group, CCAP said the local IT-BPM industry’s headcount grew by up to 10 percent in 2021, translating to over 120,000 jobs
The CCAP said this growth last year translates to $29.5 billion in revenues, which is higher by 10.5 percent compared to the $26.7 billion revenue in 2020.