Philippine IT-BPM sector attracts Spanish investment interest
MANILA, PHILIPPINES — The Philippine Department of Trade and Industry (DTI) identified the information technology and business process management (IT-BPM) sector, along with renewable energy, green metals, manufacturing, and agro-logistics, as key areas for potential Spanish investment.
This initiative is part of the Philippine government’s broader economic reforms and efforts to enhance the country’s investment climate.
During a meeting with Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero, DTI Secretary Alfredo Pascual emphasized the strong trade and investment ties between the Philippines and Spain, with bilateral trade reaching $1.2 billion in 2022.
Pascual expressed a desire to increase Philippine exports to Spain, highlighting products such as electronic equipment, tuna, bananas, pineapples, crude coconut oil, and static converters.
Industry leaders welcomed the inclusion of the IT-BPM industry in Pascual’s investment pitch.
Jack Madrid, President and CEO of the Information Technology and Business Process Association of the Philippines (IBPAP), noted the potential for offering IT-BPM services to Spanish companies, signaling a promising avenue for growth and collaboration.
In an interview with BusinessWorld, Madrid said that this would allow the Philippines “to potentially offer IT-BPM services to Spanish companies.”
Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael Ricafort underscored the strategic importance of the investments being solicited.
“These investments may contribute to faster, more inclusive economic growth and development,” he added.
The Philippine IT-BPM sector is a significant contributor to the national economy, employing 1.44 million people, and is expected to reach 2.5 million employees by 2028.
The sector’s growth is supported by government policies, remote work, reliable digital infrastructure, and talent development, with international investments playing a key role in its expansion.
