PH IT-BPM to contribute $32Bn revenue by year-end
The IT and Business Process Management (IT-BPM) industry will bring nearly $32 billion worth of revenue to the Philippine economy this 2022, said industry body IT and Business Process Association of the Philippines (IBPAP).
According to IBPAP President Jack Madrid, the sector will end the year “on a high note” as this revenue contribution will be higher than its eight per cent contribution to the country’s gross domestic product (GDP).
At the same time, IBPAP expects to close the year with 1.56 million IT-BPM employees in the Philippines.
Meanwhile, to add more “employable talent” in the sector, Madrid said that they are working with their government partners — namely, the Department of Education (DepEd), Commission on Higher Education (CHED), and Technical Education and Skills Development Authority (TESDA) — to help upskill the Filipino workforce.
In addition, Madrid said that there is a need to build a “long-term foundation with early-stage interventions to improve and strengthen our curriculum so we can compete more effectively with the emerging IT-BPM locations.”
Madrid’s statement echoes the views of IBPAP Chief Policy and Regulatory Affairs Officer Celeste Ilagan on ensuring that graduating students have the skills needed to land job roles within the local outsourcing sector.
