The Philippine IT-BPM sector posted growth in headcount and revenue in 2023, surpassing the global industry’s performance, according to the IT and Business Process Association of the Philippines (IBPAP).
This was highlighted by IBPAP president and CEO Jack Madrid during his opening segment on Day 1 of the 15th International IT-BPM Summit (IIS) at Okada Manila.
In his presentation, Madrid revealed that preliminary data showed a remarkable 8.7% surge in the IT-BPM sector’s headcount in the country, reaching a total of 1.7 million full-time employees (FTEs) and outperforming the global growth rate of 7.7%.
The Philippines also soared on the revenue front with a growth rate of 8.8%, which translates to an estimated $35.4 billion and exceeds the global industry’s 7.7% average.
“With the help of our allies and collaborators, we were able to put into motion programs that align with our acceleration levers and support our 2028 growth targets,” said Madrid.
“Given this, our outlook for 2023 is bright — in fact, better than we initially projected — and we are committed to sustaining this trajectory of impactful and positive growth throughout the coming years.”
Madrid went on to report that from the start of 2022 until year-end of 2023, the IT-BPM sector expects to add 257K FTEs to its headcount and $5.9 billion to its revenue, placing the Philippines firmly on track to meet its targets for 2028.
He expounded by saying that these numbers indicate that the industry is set to achieve 23% of the 1.1 million jobs it needs to create and 20% of the $29.5 billion it needs to generate by 2028.
This growth is mirrored in how countryside development has remained robust. Based on the latest industry data, the majority of companies have expressed a strong and enduring commitment to expansion through more locations outside Metro Manila.
Locations such as Cebu, Davao City, Iloilo, Clark, and Cagayan de Oro consistently top the list of favored destinations in the countryside.
“The growth of the IT-BPM sector in 2023 is not just a statistic; it is a testament to the industry’s resilience, the dedication of its ecosystem of partners, and the continuing competitiveness of the Filipino talent,” Madrid shared.
“The Philippines is not just keeping pace with global trends; we are setting the standard. As we move forward, let us continue to invest in talent, innovation, and inclusive growth, ensuring we remain a beacon of excellence in the global IT-BPM industry. Together, we will reach new heights, fulfill our 2028 targets, and secure a brighter future for our nation and our people.”