IT-BPM sector sees 8% increase in employees, 10% revenue growth this year

The country’s information technology and business process management (IT-BPM) sector is poised to grow further in terms of workers and revenues this year, the IT and Business Process Association of the Philippines (IBPAP) said Wednesday.

In a statement, IBPAP said that the IT-BPM industry is projected to increase by 7-8% in terms of full-time employees (FTEs) and 8–10% in terms of revenue by the end of the year.

In 2021, the industry grew by 9.1%, or by 120,000 FTEs year-on-year, bringing the total number of IT-BPM workers in the country to 1.44 million amid the implementation of remote working setup and the continued economic recovery from the COVID-19 pandemic.

In terms of revenues, the industry grew by 10.6% to $29.49 billion last 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 (environmental, social, and governance)-driven agenda," said Jack Madrid, president and CEO of IBPAP.

"There is no doubt that the industry will demonstrate grit as it drives to contribute to economic growth, achieve a resurgence across the different subsectors, create more impact in the lives of more Filipinos, and become an engine of transformation that promises an even brighter future for the country.”

The group projects that the IT-BPM sector will generate 1.1 million new jobs in the next six years, provided that enabling conditions are met and appropriate interventions are carried such as:

• 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
• improved ease of doing business to attract more global investors

"This is just one of the many significant milestones that the IT-BPM industry will reach by 2028. Additionally, the Philippine IT-BPM sector will create more impact through countryside development, digitally-enabled services, dollar revenue, high-complexity work, and indirect employment," said Madrid.

"The road ahead is long, but the Philippine IT-BPM sector is ready to take that big leap with the support of our partners in the government and academe. As an industry, we stand strong and will continue to do so because we are fueled by grit and our collective goal of strengthening the country’s position as one of the top IT-BPM investment destinations in the world." —VBL, GMA News