IT-BPM sector posts 5% growth in 2018

IT-BPM sector posts 5% growth in 2018

The information technology and business process management (IT-BPM) sector, the country’s chief dollar-earner aside from overseas Filipino worker remittances and also a key driver of property development, saw signs of recovery last year even as job growth fell short of its target, the IT & Business Process Outsourcing Association of the Philippines (IBPAP) said in a statement. The group said that direct employment grew by 5.1% to 1.23 million employees last year. IBPAP did not provide revenue data. The government estimates that the industry’s revenues grew by about 12.3% in 2017 year-on-year. IBPAP said that while there were signs of recovery in 2018, this was slower than the 8% annual growth projected in its Roadmap 2022. In that roadmap, the group has targeted to achieve USD40bn in revenues by 2022 from about USD22.5bn in 2017, with 1.8 million direct jobs and a 15% global IT-BPM market share.

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