The Information Technology and Business Process Management (IT-BPM) sector has exceeded its growth target for amid the implementation of work from home (WFH) setup and the country's continued recovery from the COVID-19 pandemic.
According to the IT and Business Process Association of the Philippines (IBPAP), full-time employees working in the sector increased by 120,000 in 2021 — bringing the total number of workers in the Philippines to 1.44-million. This represents a 9.1 percent growth compared to the previous year.
Revenues posted was at US$29.49 billion revenues in 2021, a 10.6 percent jump from last year’s reported revenues.
“This double-digit growth validates what we had projected—that 2021 performance was beyond recovery; it marks a resurgence for the Philippine IT-BPM sector,” Jack Madrid, IBPAP president and CEO, said.
“Preserving jobs, driving investments, stimulating countryside development, and creating demand for real estate—these are the unequivocal contributions of the industry to nation-building,” he added.
The business organization also said the 2021 figures exceeded their employment and revenue targets a year ahead. IBPAP is eyeing to employ 1.43M full-time workers and earn US$29.1B in revenues for 2022.
Madrid said the upsurge may be attributed to pent-up demand from global customers; higher confidence in WFH setups by clients in contact centers and business process services, and growth in emerging sub-segments like e-commerce, fintech, healthcare, and technology.
“This will spill over into 2022 and continue to boost demand for IT-BPM services across the world. We should not miss out on this opportunity to capture a bigger slice of the global market,” he said.
But to maintain the momentum, Madrid said the government’s next move would be crucial to support its sustained growth.
IBPAP appealed for the legislation of measures that would allow long-term implementation of hybrid work given in countries like India, Poland, and Malaysia.
It also announced it would launch Philippine IT-BPM Industry Roadmap 2028 this year that would serve as the “blueprint” for the sector’s priorities in digitization, talent, policy shaping, infrastructure, and country branding over the next six years.
“The launch of the Roadmap is very timely because 2022 is a banner year for the Philippines and the IT-BPM industry. Not only are we welcoming a new administration, but we’re also at the precipice of a new age that will reimagine, rethink, and re-envision everything that we know about the sector,” said Madrid.
“We are pleased to share that earlier this year, we selected the Everest Group, a renowned global services advisory and research firm with a deep understanding of the global IT-BPM industry, to be our partner in this critical undertaking,” he said.—LDF, GMA News