IT-BPM firms expect to add 1.1M jobs, almost double their revenue by 2028

The information technology and business process management (IT-BPM) sector is projected to generate some 1.1 million jobs and nearly double its annual revenues by 2028, based on its latest roadmap.
 
The IT and Business Process Association of the Philippines (IBPAP) said the job creation is in line with an estimated growth rate of 8.5%, bringing the total headcount to 2.5 million.
 
Over half or 54% of the new jobs are set to be located in the countryside, with the industry expecting 3 million indirect jobs to be created in retail, hospitality, infrastructure, and real estate.
 
The industry also sees annual revenue of $59 billion by 2028, reflecting a compound annual growth rate of 10.4%.
 
“The growth of the industry is a goal that we must all work toward as a collective, even as external and internal factors shape the opportunity landscape,” IBPAP president and chief executive officer Jack Madrid said in a statement.
 
“These include the global economy, overall demand for IT-BPM services, the adoption of hybrid work models, infrastructure development, supply of skilled talent, and favorable government policies,” he added.
 
Under the law, firms registered with the Philippine Economic Zone Authority (PEZA) are required to operate on an on-site basis to continue enjoying their tax perks.

The IT-BPM sector has since been given the option to move their registration to the Board of Investments (BOI), which allows remote work arrangements with the same perks.
 
The Fiscal Incentives Review Board (FIRB), meanwhile, extended the work from home arrangement for IT-BPM firms registered with the PEZA until December 2022.
 
“The Philippine IT-BPM sector is at the cusp of a new and exciting era, and the future that awaits us is the brightest that it has ever been,” Madrid said.  — VBL, GMA News