The revenue outlook for the IT-BPM industry at end-2020 is at $26 billion, while full-time employment will remain at 1.3 million.
IBPAP president and CEO Rey Untal said the roadmap they bared last year was supposed to have been good until 2022, up until the pandemic threw a monkey wrench to their numbers.
In this role as IBPAP’s executive director for external affairs and investor relations, lawyer Luis Enrico “Ricky” E. Salvador will be leading and directing the group’s efforts in building and strengthening relations with partners in the industry, enabling sectors, and partner associations.
It is not business as usual yet in the information technology and business process management (IT-BPM) space, but the sector continues to open job opportunities amid the pandemic, industry group IBPAP said.
The initiative, which continues the legacy of Next Wave Cities, aims to drive inclusive growth in the countryside by selecting high-potential areas throughout the country and transforming them into bustling IT and BPO hubs within five years.
Currently, the sector is dealing with the global economic fallout caused by the Covid-19 pandemic. Domestically speaking, this will have an impact on 2020 headcount and revenue projections and will also modify prevailing work and service models within the industry.
By 2022, the industry is expected to generate revenues around $29 billion to $32 billion while full-time employees will increase to about 1.42 million to 1.57 million.
Following a challenging 2017, the BPO industry continued to show signs of recovery by slowly gaining back its positive momentum with numerous incumbents proceeding with their expansions, particularly in the countryside.