Philippine BPO eyes 8.8% revenue growth in 2023
MANILA, PHILIPPINES — The IT-Business Process Management (IT-BPM) sector in the Philippines is projected to grow 8.8% in 2023 to $35.4 billion in revenue, according to the industry group IT and Business Process Association of the Philippines (IBPAP).
This growth outlook comes despite global economic uncertainty, as many companies continue to utilize business process outsourcing (BPO) services in the Philippines as a cost-optimization strategy
IBPAP President Jack Madrid highlighted the country’s expanding role in global IT-BPM, predicting the sector’s contribution to the Philippine gross domestic product (GDP) will reach 9% by 2028.
Employment in the industry is also expected to rise by 8.7% in 2023 to 1.7 million full-time employees.
Speaking at the 15th International IT-Business Process Management Summit (IIS), Madrid said the Philippines stands out as a top destination for IT-BPM services, outpacing global averages.
The country’s talent for high-quality IT-BPM services continues attracting foreign companies, especially from the United States (U.S.). Additionally, the Philippine government’s support for flexible work policies boosts the sector and draws more investors.
Recent data shows the industry progressing towards its 2028 targets, with achievements of 23% of its job creation and 20% of its revenue goals. Many companies also diversify their presence beyond Metro Manila, enriching various sectors.
“With the help of our allies and collaborators, we were able to put into motion programs that align with our acceleration levers and support our 2028 growth targets,” Madrid added.
