MANILA – The Philippine information technology and business process management (IT-BPM) sector has reached its 2022 target ahead of schedule as it ended 2021 with revenues amounting to USD29.49 billion.
The IT and Business Process Association of the Philippines (IBPAP) reported Wednesday that the industry’s revenues last year increased 10.6 percent from the 2020 figures.
The IBPAP said the industry added some 120,000 full-time employees (FTEs) last year, closing 2021 with a total of 1.44 million FTEs.
“This double-digit growth validates what we had projected —that 2021 performance was beyond recovery; it marks a resurgence for the Philippine IT-BPM sector,” IBPAP president and chief executive officer Jack Madrid said.
The business group also reported that revenues and employment in the industry last year surpassed the targets for 2022.
The IBPAP was eyeing USD29.1 billion in revenues and 1.43 million FTEs for this year.
Madrid attributed the faster recovery of the sector to pent-up demand from global customers; higher confidence in work-from-home (WFH) setups by clients in contact centers and business process services; and growth in emerging sub-segments like e-commerce, fintech, healthcare, and technology.
“This will spill over into 2022 and continue to boost demand for IT-BPM services across the world. We should not miss out on this opportunity to capture a bigger slice of the global market,” he added.
Madrid also underscored the IT-BPM sector’s contribution to the Philippine economy during the pandemic, which include preserving jobs, promoting investments, stimulating development outside Metro Manila, and creating demand for the real estate sector.
Meanwhile, the IBPAP is set to launch the Philippine IT-BPM Industry Roadmap 2028 within the year.
The roadmap will set a six-year target for the local industry.
“The launch of the roadmap is very timely because 2022 is a banner year for the Philippines and the IT-BPM industry. Not only are we welcoming a new administration, but we’re also at the precipice of a new age that will reimagine, rethink, and re-envision everything that we know about the sector,” Madrid said. (PNA)