PH BPO revenue hit $32.5Bn in 2022
MANILA, PHILIPPINES — The total revenue of the Philippine Business Process Outsourcing (BPO) industry reached US$32.5 billion in 2022, up 10.3% year-on-year.
Data from the IT and Business Process Association of the Philippines (IBPAP) revealed that financial services, health care, retail, technology, and telecommunication drove growth within the sector and helped it beat the government’s set targets.
At the same time, the industry’s headcount also rose by 8.4% to 1.57 million employees.
IBPAP President and CEO Jack Madrid attributed the BPO sector’s growth “to the collective efforts that the private sector, government, and academe have exerted to retain the industry as an indispensable pillar of the economy.”
For 2023, the trade association expects growth to continue — around 8% to 10% in revenue expansion and 7% to 8% in headcount growth — as global businesses seek ways to cut costs.
The group, citing its survey, said 83% of outsourcing companies expect their operations to increase this year “despite a potential global recession,” while 17% were “neutral with their forecasts.”
“We still have a long way to go, but [the] Philippine [industry’s] stellar performance in 2022 brings us closer to generating 1.1 million new jobs for Filipinos,” added Madrid.
IBPAP also pledged to generate around 2.5 million outsourcing jobs and US$59 billion in annual revenues by 2028, the end of President Ferdinand Marcos Jr.’s six-year term.
