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Revenues in the IT-BPM business have surpassed the recalculated objective.

MANILA, Philippines — With revenues of USD29.49 billion in 2021, the Philippine information technology and business process management (IT-BPM) sector met its 2022 target ahead of time.

According to the IT and Business Process Association of the Philippines (IBPAP), the industry’s revenues climbed 10.6 percent last year compared to 2020 projections.

According to the IBPAP, the industry added 120,000 full-time employees (FTEs) last year, bringing the total number of FTEs to 1.44 million by 2021.

“This double-digit growth confirms what we predicted—that performance in 2021 would go beyond recovery; it heralds a rebound for the Philippine IT-BPM sector,” stated IBPAP president and CEO Jack Madrid.

Revenues and employment in the industry last year exceeded the targets set for 2022, according to the business group.

This year, the IBPAP expected sales of USD29.1 billion and 1.43 million full-time equivalents (FTEs).

Client confidence in work-from-home (WFH) setups by clients in contact centers and business process services, as well as growth in emerging sub-segments like e-commerce, fintech, healthcare, and technology, Madrid attributed the sector’s faster recovery to pent-up demand from global customers, higher confidence in work-from-home (WFH) setups by clients in contact centers and business process services, and growth in emerging sub-segments like e-commerce, fintech

“This will continue to drive demand for IT-BPM services around the world into 2022.” He went on to say, “We must not miss out on this potential to gain a larger share of the worldwide market.”

Madrid also emphasized the IT-BPM sector’s contribution to the Philippine economy throughout the pandemic, which included job preservation, investment promotion, development outside of Metro Manila, and real estate demand creation.

In the meantime, the IBPAP plans to release the Philippine IT-BPM Industry Roadmap 2028 this year.

For the local industry, the strategy will establish a six-year goal.

“The roadmap’s release is timely since 2022 is a watershed moment for the Philippines and the IT-BPM industry. We’re not only greeting a new administration, but we’re also on the cusp of a new era that will reimagine, rethink, and re-envision all we know about the industry,” Madrid said.

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