With a handful of information technology-business process management (IT-BPM) players seen to invest in the Philippines, the IT and Business Process Association of the Philippines (IBPAP), targets to double revenues and increase workforce by 76 percent in six years.
“There is no shortage of interest but competition has also become fierce due to the demand for offshoring and outsourcing,” said Jack Madrid, IBPAP president, in a press conference yesterday.
At the International Innovation Summit on Tuesday, IBPAP chairman Benedict Hernandez bared the group’s six-year roadmap which aims to reach $59 billion in revenues by 2028, or an annual growth of 10.4 percent and double than the $29 billion generated in 2021.
That would be equivalent to 8.5 percent to the country’s gross domestic product.
IBPAP aims to add 1.1 million employees also by 2028 on top of the current workforce of 1.44 million. Of the 1.1 million, 54 percent will be in the countryside.
Madrid said that is not counting the 3 million jobs to be generated by the industry in other sectors like retail, hospitality, infrastructure, transportation and property.
The group also aims to increase revenue per employee by 13 percent as it gears up to upskill and reskill existing workers and allow the entry of digital-ready employees.
Madrid, however, stressed the need to improve the country’s STEM (science, technology, engineering and mathematics) curriculum starting at the elementary level to better equip the new generation of workforce.
Madrid said IBPAP expects the transfer of some 478 IT-BPM companies now registered with the Philippine Economic Zone Authority to the Board of Investments following the Fiscal Incentives and Review Board’s approval to allow these firms to adopt up to 100-percent work-from-home or hybrid without losing incentives.
Madrid said hybrid could still have a positive effect on the real estate sector, with up to 20 percent increase in take-up for new office space on a per-employee basis to accommodate the additional 1.1 million workers.
While the strong peso is seen to attract more global players to invest in the Philippines, Madrid said cost optimization is not the lone consideration.
For IBPAP, policy and regulatory support through enhanced business-friendly environment, talent development, infrastructure development and marketing and brand positioning will be key in attracting more investments in IT-BPM.
“We envision the Philippines to become the world’s number one experience hub for customer-centric and digitally-enabled services, while driving sustainable economic and social growth,” Madrid said.
