PH IT-BPO to play ‘crucial role’ in country’s economy
MANILA, PHILIPPINES — The Information Technology-Business Process Outsourcing (IT-BPO) industry in the Philippines is poised to play a crucial role in the country’s rise as one of the world’s emerging markets.
Speaking at a virtual event, S&P Global Market Intelligence Asia-Pacific Chief Economist Rajiv Biswas predicted that the Philippines would achieve a per capita GDP of $7,400 by 2032, a significant growth from its current position in the global economic order.
While one key factor to this growth is the Philippines’ integration into the Regional Comprehensive Economic Partnership (RCEP), Biswas also highlighted the role of the local IT-BPO sector.
“The rapid growth in exports from the IT-BPO sector has also become an important boost for the Philippines economy and for total exports,” said Biswas.
The Bangko Sentral ng Pilipinas (BSP) reported that IT-BPO export revenues rose 9.1% to $27.4 billion in 2022 from $25.1 billion in 2021.
In terms of jobs, the IT Business Process Association of the Philippines (IBPAP) reported a total of 1.7 million employees in 2022, with revenues for the sector rising to $32.5 billion.
“The long-term outlook for the IT-BPO sector in the Philippines is for continued high growth, helped key competitive advantages of a well-educated workforce and English language proficiency,” Biswas added.
