BPO to contribute P30Bn yearly despite the pandemic
The Philippine business process outsourcing (BPO) industry is projected to consistently contribute nearly $30 billion to the economy yearly while employing 1.3 million local employees in over 1,000 BPO companies in 2019 growing by 8 to 10% yearly.
A 2020 Sprout Solutions study suggested that the BPO industry (31%), information and communication (9.79%), and health care (8.51%) were the biggest industries that let employees work from home during lockdowns implemented beginning March that year. This allowed the industry to thrive during the time of pandemic.
In 2021 the BPO industry recorded an impressive growth of 10 per cent recording a revenue of $29.49 billion. The Information Technology and Business Process Association of the Philippines (IBPAP) estimates that the sector will hit $38.9 billion this year.
From January to March 2022 the Philippine Economic Zone Authority (PEZA) recorded IT-BPM investments worth around $135 million.
