The information technology -business process management (IT-BPM) industry is poised to grow its revenues by 7 percent in 2024 on top of its expected 8.8 percent growth this year.
Jack Madrid, president and chief executive officer of the IT- Business Process Association of the Philippines, said this puts the group firmly on track to its roadmap goal of $59 billion revenues in 2028.
Madrid said in his speech at the PEZA Investors Night last week growth of the industry this year, which is faster than the 7.7 percent projection for the global industry, will translate to $35.4 billion in revenues.
Madrid said the industry will add 130,000 jobs this year to 1.7 million, an 8.7 percent increase from a year ago.
IBPAP targets to have a 2.5 million headcount by 2028.
“We are off to a great start, and we are committed to sustaining this trajectory as we accomplish the Philippine IT-BPM Roadmap 2028 goal of achieving 2.5M jobs and $59-billion revenue by 2028,” Madrid said.
Madrid also said countryside growth remains robust and continues to draw the interest of IT-BPM players in locations outside of Metro Manila such as Cebu, Davao City, Iloilo, Clark, and Cagayan de Oro.
“There is a lot of demand but our challenge is supply of workers,” he said.
Growth sectors are healthcare, banking and finance, and the traditional contact center.
Madrid said 60 percent of jobs done in the Philippines are in contact centers which have increasingly been handling complex jobs.
“We are a secondary source of foreign exchange. Prospects are not without challenges. 2024 and beyond represent opportunities for continued growth,” Madrid said. – Irma Isip
