Philippine BPO Industry Expected to Recover with $29B Revenue by 2022 - IBPAP
Having felt the impact of the coronavirus pandemic, the Philippine information technology - business process management (IT-BPM) industry has experienced a flat growth for 2020. Looking at the next two years, the IT and Business Process Association of the Philippines (IBPAP) expects the industry growth to recover, with moderate expansions for both employment and revenues.
According to IBPAP president and CEO, Rey Untal, despite the expected flat growth for 2020, the industry is still in a better position than others considering the detrimental impact of the pandemic on almost all sectors and industries.
The IBPAP’s revised targets for 2022, projects the headcount growth at around 1.37 million to 1.43 million full-time employees, or 2.7% to 5%, and industry revenues of $29.09 billion with a compound annual growth rate of 3.2% to 5.5% in the next two years.
During the culmination of the 12th International Innovation Summit, a five-day global IT-BPM virtual conference last November, Untal mentioned that “while these new figures stand as the Philippine IT-BPM industry’s goal for 2022, it is equally important to know how we will be achieving them. The recalibration study also provided us with imperatives we and our stakeholders must undertake, not only to fulfill these targets but to strengthen our sector locally and globally.”
The IT & Business Process Association of the Philippines (IBPAP), in which Eastvantage is a member, is the enabling association for the information technology and business process management industry in the Philippines. It works closely with government, academe, and other key stakeholders for a variety of initiatives to ensure that the Philippine IT-BPM industry remains to be globally competitive and relevant.