MANILA, PHILIPPINES — The Philippines is set to welcome 10 new Information Technology and Business Process Management (IT-BPM) projects throughout the year, according to the Presidential Communications Office (PCO).
This development follows President Ferdinand Marcos Jr.’s successful overseas trips, which have been instrumental in securing around $72.2 billion of foreign investments.
According to the PCO, $14.2 billion — or 20% of the total pledges — have already have already started operating, completed registration, or commenced implementation.
The IT-BPM sector captured 22% of these projects, trailing only behind manufacturing (16 projects or 35%) in terms of project count.
“The investment flows into the country in phases over the implementation period, during which the project transitions into operational status and begins generating revenues,” the PCO stated.
The early operationalization of IT-BPM and light manufacturing projects is expected to significantly contribute to reducing the unemployment rate in the country, given the sectors’ capacity for direct job creation.
This aligns with President Marcos’ strategic efforts to leverage presidential visits to secure investment pledges and ensure their actualization through diligent follow-through and strategic collaborations.
The PCO remains optimistic about the transformative impact of these investments on the Philippines’ economic landscape, emphasizing the role of sustained economic growth and job creation in the country’s future prosperity.