IT-BPM expected to drive employment
The Information Technology-Business Process Management (IT-BPM) sector is expected to continue to be a major job generator in the next 18 months, according to the Department of Labor and Employment (DOLE) publication JobsFit 2022-2025 Labor Market Information (LMI) Report.
According to DOLE LMI Division Head Grace Baldoza, the IT-BPM industry is projected to increase between 7 and 8 percent in terms of full-time employees and 8 and 10 percent in terms of revenue by the end of the year.
The said industry is on track to growing into a $59-billion industry, with 1.1 million new direct jobs, a 2.5 million-strong workforce, over 500,000 new direct jobs for the countryside, and up to 3 million more indirect jobs.
Baldoza said artificial intelligence has the potential to be the number one growth driver.
Aside from the IT-BPM industry, the report also highlighted the agriculture sector, which is noted to be one of the largest industries by employment share, at 22.5 percent of total employment as of September 2022.
Baldoza said banks expect double-digit growth over the next two years as the government strengthens digitalization efforts which will facilitate the growth of fintech businesses.
The LMI report contains information on key employment generating sectors, emerging industries, in-demand and hard-to-fill occupations, and also identified the following as the key growth drivers.
