Information technology and business processing companies reported a 7 percent year-on-year increase in 2024 revenues to $38 billion, creating 120,000 new jobs, and said it plans to take advantage of emerging technologies such as AI (artificial intelligence) to improve efficiency and boost revenues further in 2025.
The 7 percent revenue increase in 2024 was computed against the 2023 level of $35.5 billion. The additional jobs generated last year brought the total employment in the sector to 1.82 million workers, up from 1.7 million in the year earlier, the report released Thursday by the Information Technology and Business Process Association of the Philippines (IBPAP) said.
“As we step into 2025, we are poised to seize new opportunities and drive the Philippines’ position as a global IT-BPM (BPO management) leader,” Jack Madrid, president and chief executive officer of IBPAP, said in a statement yesterday.
Without disclosing numbers, Madrid had previously said 2025 would continue to see positive growth.
In yesterday’s statement, Madrid said the IT-BPM sector aims to leverage emerging technologies such as Generative AI to boost efficiency and productivity, and continue to expand the sector’s talent pool through upskilling and reskilling.
IBPAP will continue to work with government and industry stakeholders in driving sustainable growth through innovation, with talent development remaining at the core of the efforts, Madrid said.
In 2024, IBPAP launched initiatives with other industry partners from the government to equip the future digital Filipino workforce.
These include the signing of a memorandum of agreement between IBPAP and the Department of Education on two programs. One is the IT-BPM PC Donation Program, under which players provide public schools with IT equipment to support digital learning. The other is the Enhanced Senior High School (SHS) Work Immersion, in which they prepare senior high school graduates for the workforce with extended immersion hours, essential skills training and job-matching opportunities.