WFH policy buoys growth hopes of IT-BPM sector | Inquirer Business
INDUSTRY PROJECTS 10% REVENUE INCREASE in 2022

WFH policy buoys growth hopes of IT-BPM sector

/ 02:09 AM September 20, 2022

The IT & Business Process Association of the Philippines (IBPAP) on Monday expressed its optimism that it will meet revenue and job generation targets in the next few years following the government decision to allow the sector to keep their work-from-home (WFH) policy as well as their incentives or tax breaks.

“WFH, hybrid work is a game-changer for the Philippines and the sustainability of the IT-BPM industry, and it will be a contributing factor to our ability to create 1.1 million new direct jobs for Filipinos, generate billions more in revenue, and significantly increase our countryside footprint by 2028,” the group said in a statement.

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Earlier in August, the IBPAP said it was looking to grow its revenue by up to 10 percent and its full-time employees by up to 8 percent this year.

The IBPAP said the industry recorded $29.49 billion in revenue in 2021, up 10.6 percent from the previous year, while its full-time employees totaled 1.44 million after adding 120,000 during the same year.

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“IBPAP has been voicing the industry’s support for work-from-home, hybrid work since 2020. While it started out as an expedient measure in response to nationwide lockdowns, it very quickly ushered in a new era of work for the sector,” said the industry group, highlighting the sector’s flexibility and resilience amid the challenges brought by the coronavirus pandemic.

The trade group also expressed their appreciation to President Marcos, citing in particular the assistance extended to them by two of the country’s investment promotion agencies, the Philippine Economic Zone Authority (Peza) and Board of Investments (BOI) under the Department of Trade and Industry.

Last week, the government arrived at the decision to have Peza-registered firms transfer their listing to the BOI for them to keep enjoying the tax incentives despite having 30 percent of their employees working from home.

It was the solution offered by the Interagency Fiscal Incentives Review Board, which is chaired by the secretary of the Department of Finance, instead of allowing them to continue with such a setup under Peza.

Since April of this year, Peza-registered businesses were given the temporary leeway in their work arrangement until Sept. 12, which has now been extended until Dec. 31, 2022, to accommodate the transition. INQ

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