THE Philippine IT and Business Process Management (IT-BPM) industry is seen to grow by 8 to 10 percent in terms of revenue by the end of 2022, according to IT and Business Process Association of the Philippines (IBPAP).
After achieving record-high growth in 2021, IBPAP said in a statement on Wednesday that the country’s IT-BPM industry “is projected to increase between 7 to 8 percent in terms of full-time employees [FTEs] and 8 to 10 percent in terms of revenue by the end of the year.”
In addition, with the forecasted growth for 2022, the sector is poised to fulfill Roadmap 2028’s vision of generating 1.1 million new jobs in six years.
In fact, IBPAP President and CEO Jack Madrid said at a virtual press conference on Wednesday that foremost among the growth drivers for the industry over the next six years will be the “criticality of a digital-ready talent workforce.”
“There has never been a more important time to address the mismatch of talent supply and demand. We are in a global work for talent and I think given our inherent advantages, the fact that we have a young population, the fact that our countryside locations, not just Manila, have excellent schools, we have an opportunity to continue and maybe do a better job in upskilling and reskilling the existing work force with the support of our private sector partners but we’ll also need the full support of the different branches of government in making this happen,” Madrid told reporters.
In a statement, IBPAP said its target of creating 1.1 million new jobs in six years will be possible if enabling conditions are met and appropriate interventions are carried out, such as favorable government policies or incentives and remote work; stronger and more reliable infrastructure; accelerated upskilling and reskilling of the Filipino talent for digital services; enhanced value proposition to highlight country-level competitiveness; and improved ease of doing business to attract more global investors.
“This is just one of the many significant milestones that the IT-BPM industry will reach by 2028. Additionally, the Philippine IT-BPM sector will create more impact through countryside development, digitally-enabled services, dollar revenue, high-complexity work, and indirect employment,” Madrid said in a statement.
The IBPAP chief added that the flagship organization of the IT-BPM industry will unveil more details related to the Philippine IT-BPM Industry Roadmap 2028 at the 14th International Innovation Summit (IIS) in September.
“We’re excited to reveal more at IIS 2022 through keynotes and plenaries on talent strategies, changing workways, key action plans, and many more,” Madrid said.
Roadmap 2028 is the blueprint of the industry as it gears up to accomplish more in terms of jobs, investments and exports in the next six years.
Happening on September 27-29, the International Innovation Summit will have a theme, “The Big PH IT-BPM Leap: Growth. Resurgence. Impact. Transformation.”
IBPAP said the Summit will set the stage for how the country will continue to be at the forefront of talent, technology, and transformation.
“We’re entering a new chapter at IIS 2022 and there is no doubt that the industry will demonstrate grit as it drives to contribute to economic growth, achieve a resurgence across the different subsectors, create more impact in the lives of more Filipinos, and become an engine of transformation that promises an even brighter future for the country,” Madrid said.
On the first day of the Summit, IBPAP said the industry will showcase its growth potential in headcount and revenues by 2028, as well as the global and local trends shaping the business landscape.
Meanwhile, its Day 2 will center on panel discussions that will talk about the role of infrastructure in reinforcing the IT-BPM sector in the country; the greater impact of hybrid work on the employee experience; and global best practices when it comes to attracting and developing talent.
On its final day, the Summit will focus on the Philippines’s refreshed value proposition through a panel discussion with government leaders who will share insights on how to further elevate the country on the global IT-BPM stage.