PH BPO revenue jumps 10.6% in 2021, surpassing set target
The Business Process Outsourcing (BPO) industry in the Philippines recorded revenue growth of 10.6% to $29.49 billion in 2021, according to the IT and Business Process Association of the Philippines (IBPAP),
The organization reported that this upsurge is due to “pent-up demand from global customers, higher confidence in work-from-home (WFH) setups by clients of contact centers and business process services, and growth in emerging sub-segments like e-commerce, financial technology, healthcare, and technology.”
Full-time employees (FTEs) in the BPO sector also increased by 9.1% to 1.44 million last year.
IBPAP President Jack Madrid stated that these figures not only exceed the forecasted growth for the year but also eclipsed the recalibrated 2022 targets of 1.43 million FTEs and $29.1 billion in revenue.
He added that the sector’s 2021 performance “marks a resurgence” for the industry after economies closed down during the pandemic.
