MANILA, Philippines — Revenues of the information technology and business process management (IT-BPM) industry reached $38 billion in 2024, achieving the baseline target for the year amid strong demand from global firms.
In a Viber message yesterday, Information Technology and Business Process Association of the Philippines (IBPAP) president Jack Madrid said the IT-BPM industry generated $38 billion in revenue last year, seven percent higher than the $35.5 billion in 2023.
In terms of headcount, he said the IT-BPM industry closed 2024 with 1.82 million employees, also up by seven percent from 1.7 million in 2023.
Earlier, Madrid said the IT-BPM industry is confident of achieving the 2024 baseline scenario target of a seven-percent growth in revenue and headcount, citing the strong demand for the services delivered by Filipino workers.
Under the IT-BPM industry roadmap, the goal was to hit $40 billion in revenues and 1.84 million in headcount in 2024.
Madrid attributed the revenue and employment growth last year to “global demand led by US businesses.”
In particular, he said there was strong demand from the banking, financial services and health care sectors.
Asked for an outlook for this year, he said the IBPAP has yet to set a projection.
“We will know more by midyear,” he said.
He said the IBPAP aims to defend and increase the country’s market share in global IT-BPM services.
“Our biggest challenge and opportunity is in the upskilling, reskilling and right-skilling of our talent pool and the future generation of students and jobseekers. If we take care of that, it’s going to be very hard to prevent the Philippines from retaining its position,” he said.
Under the roadmap, the IT-BPM industry has set an aggressive target of generating $59 billion in revenue and employing 2.5 million by 2028.