The Philippine IT-BPM sector expects to increase 257,000 full-time employees (FTEs) to the workforce and boost its revenues to about $5.9 billion by the end of 2023, according to the IT and Business Process Association of the Philippines (IBPAP).
During the recent 15th International IT-BPM Summit, IBPAP shared preliminary data revealing an 8.7% surge in the country’s IT-BPM sector workforce, reaching a total of 1.7 million FTEs. This growth outpaces the global industry’s average growth rate of 7.7%.
“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 Jack Madrid, president and CEO, IBPAP.
Madrid also reported that the IT-BPM industry is making significant progress, achieving 23% of the 1.1 million jobs it aims to create and 20% of the $29.5 billion it plans to generate by 2028. The Philippines has excelled on the revenue front as well, with a growth rate of 8.8%, equating to an estimated $35.4 billion in revenue, surpassing the global industry’s 7.7% average growth rate.
IBPAP noted that overseas companies are increasingly recognizing the potential for talent and business growth beyond Metro Manila. According to IBPAP’s latest industry data, a majority of companies have shown interest in expanding to locations such as Cebu, Davao City, Iloilo, Clark, and Cagayan de Oro, which are among the most favored destinations.
“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 said.