The Information Technology and Business Process Outsourcing Association of the Philippines (IBPAP) has announced that the industry has fallen short of its annual revenue and employment growth projections. IBPAP chairman Lito Tayag said the country’s information technology –business process management (IT-BPM) industry posted 4% growth to 1.19 million industry workers as of June 2018, up from 1.14 million in 2016. Revenues grew 4% up to US$23.8 billion from 2016’s US$22.9 billion. The IBPAP blamed the shortfall on uncertainties surrounding the proposed second tax reform bill, and US president Donald Trump’s program to bring back jobs to the US. Growth over the past 18 months was attributed to largely multinationals setting up, and 8% annual growth projected in IBPAP’s 2022 roadmap. Tayag said the sector still remains the country’s biggest employment generator.
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