PH to outperform the global IT-BPM sector
The IT & Business Process Association of the Philippines (IBPAP) recent findings suggest that Philippines’ revenue could hit $38.9 billion by the end of 2022 with a strong expectancy to outperform the global IT-BPM sector with an average revenue growth of 5.6 per cent from 2016 to 2022, and a higher share of the global market of 15.5 per cent this year.
The Philippine Economic Zone Authority (PEZA) forecasted IT-BPM investments of P8.14 billion ($137,994,164 million), brought by 29 new and expanded projects that are anticipated to generate 3,168 direct jobs and yearly revenues of $232.45 million.
“The Philippines has improved its capacity to offer BPM and non-voice IT services to a wider international audience and has proven itself as one of the top locations for premium services at more affordable pricing points,” Magellan Solutions said in a 2022 report.
“The expansion included solutions like health care information services as well as horizontal BPM services in industries like finance and accounting,” it added.
Moreover, Outsource Accelerator founder and CEO Derek Gallimore, stated that there were outsourcing opportunities for the Philippines in jobs other than those involving basic business functions.
“As we move into a more remote world, people are now hearing more about work from home, decentralized organizations, global organizations. And with the current situation, more companies are turning to outsourcing to save costs,” he said.
