Thursday, February 29, 2024

IT-BPM industry hits $35-B revenues in 2023, sees 2M headcount by 2025

The country’s IT-Business Process Management (IT-BPM) sector continues to expand as it hit $35 billion in revenues last year, an 8% growth from last year’s figures.

In a media forum, Jack Madrid, president and CEO of the IT and Business Process Association Philippines (IBPAP), said the industry also generated 1.7 million jobs in 2023, which surpassed their target for the year.

Madrid said they expect to sustain the strong momentum with a target of $39 billion in revenue and 1.8 million jobs this year. By 2025, he said that the industry anticipates generating 2 million jobs which would mark the milestone in the history of IT-BPM in the country.

“It took us over a decade to cross the first million jobs, but we aim to reach the second million in just five years. The industry is alive and kicking. I am happy and confident to say that we are an indispensable pillar of the economy,” he said.

The industry has also been recognized by the current administration for its role in job generation, revenue contribution, and foreign exchange.

“The industry is being acknowledged to as one of the bright spots in the economy,” Madrid emphasized.

Meanwhile, as the industry propels its force for the next year’s targets, it recognizes the opportunities it needs to maximize for the future.

Among these include talent development, upskilling the workforce, and aligning the education curriculum for the industry’s needs. 

Add to this, Madrid said that the industry will still push for remote work and is gearing up to embrace AI technology.

Madrid also emphasized the big role of the industry in providing digital infrastructure and general infra.

“Over 54% of our growth target will be outside Manila. Our industry is not only Metro Manila and Cebu. We are present in every province, every emerging city. This is also a silver lining from the past years when a lot of people decided to go home and return to their families and being able to work remotely,” Madrid said.

He highlighted that better airports, roads and connectivity in the country are very important for the IT-BPM sector. “This will open up more investor appetite in the years ahead,” Madrid said.

He also said that it is high time that the public and the country appreciate the IT-BPM industry.

“Not only we do bring in revenues, we bring in high quality work. We have the demographics to take advantage of this demand for the Filipino workforce,” Madrid said.

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