The information technology and business process management (IT-BPM) industry recorded revenues of $29.49 billion in 2021, a 10.6-percent growth from $26.7 billion 2020.
The IT Business Process Association of the Philippines (IBPAP) in a statement said the industry added 120,000 full-time employee (FTEs), representing a 9- percent increase from the previous year, bringing the sector’s total headcount to 1.44 million.
Last year’s numbers exceeded the recalibrated targets set by IBPAP for 2022 of $29.1-billion revenues and 1.43 million FTEs.
“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,” said Jack Madrid, IBPAP president and chief executive officer.
He added: “Preserving jobs, driving investments, stimulating countryside development, and creating demand for real estate–these are the unequivocal contributions of the industry to nation-building.”
IBPAP attributed 2021’s stellar performance to pent-up demand from global customers, higher confidence in work-from-home (WFH) setups by clients in contact centers and business process services, and growth in emerging sub-segments like e-commerce, fintech, healthcare, and technology.
But IBPAP said the business landscape remains afflicted with rising inflationary pressures, talent availability, and confining regulatory frameworks.
Madrid said the Philippines should not miss out on the opportunity to capture a bigger slice of the global market as more and more organizations in global business services are incorporating offshoring and outsourcing into their strategic initiatives.
IBPAP said the future of the IT-BPM sector will depend on its ability to take advantage of emerging trends through sustainable talent supply, predictable regulatory environment, and more enabling infrastructure.
The IT-BPM Industry Roadmap 2028 to be launched this year will seek legislation that will allow the long-term implementation of hybrid work.
