BPO sector to remain key growth driver in 2023
MANILA, PHILIPPINES — The Business Process Outsourcing (BPO) industry will remain a key growth driver for the country’s economy in 2023.
According to Terry Ridon, a public investment analyst and convenor of think tank InfraWatch PH, BPOs will continue to be a significant growth and employment driver, enabling Filipino providers to service various international firms.
This statement comes as the Philippine Economic Zone Authority (PEZA) endorsed 163 IT-BPO projects for registration transfer to the Board of Investments (BoI). The 163 companies have taken in an investment of P13.9 billion (US$250 million).
The industry is also expected to generate up to 1.1 million direct jobs by 2028.
Ridon also believes that the country is “at a good spot” in developing its semiconductor industry given the new chip ban on China.
“The semiconductor and BPO sectors remain our best bet in driving high-value economic growth, and the Marcos government should find ways to further raise incentives and cut costs in these sectors,” he noted.
Meanwhile, other analysts said that the services and infrastructure industries will bring in more investments in the country next year.
