According to recent industry reports, the Philippines BPO industry will need to work towards improving the skills of hired resources as this is critical for coping with the increasing opportunities which would help the industry reach a revenue target of $38.9 billion.
The major driving force of domestic growth will be the incoming business from American companies. As per the IT-Business Process Association of the Philippines (IBPAP) Roadmap 2022, the BPO industry in the Philippines is likely to achieve the $38.9 billion target and slowly rise up from the existing $22.9 billion level. Further, the Philippines BPO industry is predicted to take over 15.5 % of all global outsourcing.
According to Jonathan De Luzuriaga, president of the Philippine Software Industry Association, the main growth drivers in the nation are its service-oriented work culture, cost cutting advantage and the increasing market demand in the APAC region. However, these advantages aren’t enough to help the sector achieve desirable growth targets in the coming six years. Luzuriaga pointed out that the IT-BPM industry would need to work towards upgrading skills in order to make the most of the upcoming growth opportunities.