MANILA, Philippines — A local trade association of information technology (IT) and business process management (BPM) firms expect industry revenues to grow to $40 billion this year, the latest projection from a sector which is seeking a rebrand of its image as it continues to grapple with a lack in talent supply.
IT and Business Process Association of the Philippines (IBPAP) President Jack Madrid on Wednesday night said they expect the industry to reach this revenue level in 2024, which will be a first for the industry, as well employ 1.84 million employees by yearend.
“It’s a very big number, it’s an ambitious number but the numbers I am sharing with you are the aggressive numbers of our 2028 road map,” Madrid told reporters.
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“We continue to see growth in the health care sector. Banking and financial services continue to grow, as well as the more traditional contact center services,” he also said when asked what will drive the growth.
The IBPAP official characterized the industry’s performance last year as “tremendous,” citing that their sector contributed $35.5 billion to the economy and that they created 130,000 new jobs.
Despite their bright prospects, Madrid said that the billion-dollar local industry was still struggling with finding suitable talents.
“The only hurdle is really finding enough employable talent,” Madrid said, on what could threaten the industry.
He also downplayed the impact of a recession in the United States, which is one of their major markets, citing that more jobs were offshored to the Philippines when the economic downturn happened years ago. —Alden M. Monzon