Philippine BPO eyes $40Bn revenue, 1.84Mn employees in 2024
MANILA, PHILIPPINES — The Philippine IT-business process management (IT-BPM) industry is looking to generate $40 billion in revenue with 1.84 million employees for 2024.
Jack Madrid, president of the industry body IT and Business Process Association of the Philippines (IBPAP), underscored the critical role of continuous skills development and investments in achieving this milestone.
“It’s an ambitious number that is really quite a pivotal time in our history,” Madrid stated, emphasizing the industry’s commitment to scaling new heights.
A significant part of this growth strategy involves a rebranding campaign designed to position the Philippines as a global leader in the IT-BPM sector.
Despite facing stiff competition — particularly in voice services, where the country ranks second only to India — Madrid is optimistic about the Philippines’ potential to excel.
The IBPAP chief said that efforts are underway to enhance the quality of talent within the industry, focusing on niche services that promise higher levels of excellence.
“Voice will be a premium service that only we can efficiently provide,” Madrid added, highlighting the unique value proposition of the Philippine BPO sector in the face of emerging technologies like generative artificial intelligence.
IBPAP AI and Technology Consultant Dominic Ligot revealed that 45% of industry players are experimenting with AI, with 20% already implementing basic AI solutions to streamline call processing.
The impact of AI on job numbers in 2023 is still being evaluated, with a keen eye on balancing innovation with necessary regulation.
The rebranding initiative also aims to elevate the perception of BPO jobs, attracting more qualified professionals, especially in technical fields such as healthcare and finance. This strategic move is expected to not only enhance the industry’s global standing but also to ensure its continued growth and success in the competitive landscape.
