THE information technology-business process management (IT-BPM) industry has continued to be the saving grace of the Philippine economy as it sustained its annual growth both in jobs and revenues in the face of typhoons, a global financial crisis and the pandemic.
Rey Untal, president and chief executive officer of the IT and Business Process Association of the Philippines, said that in its 40-year history, the IT-BPM sector has dramatically grown to be the country’s largest job generator.
“It is one of its biggest private sector employers, creating jobs for 1.32 million Filipinos while indirectly impacting close to 4.3 million more people across the nation,” he said during the Day 2 of the CIB.O 2021 Transformation Summit held virtually on Tuesday, July 13, 2021.
Untal said the industry is also a major source of foreign exchange with recorded revenues of close to US$27 billion in 2020.
The industry has been a crucial driver of inclusive growth through well-established and emerging IT-BPM hubs located beyond Metro Manila with close to 30 percent of the sector’s total head count now operating outside the National Capital Region.
The growth of healthcare, e-commerce and retail, banking, finance and admin and telecommunications, which are served by the IT-BPM sector, has helped offset the losses caused by the Covid-19 pandemic to the hospitality and travel industry and other types of businesses.
Moreover, Untal said the IT-BPM sector is one of the largest investors in providing training to Filipino talents, spending anywhere between five to 10 times more than other industries on continuous upskilling and reskilling as well as immersions to global best practices.
He added the industry also remains at the forefront as clients invest heavily in digitization to mitigate prevailing issues caused by the Covid-19 pandemic and as a way to enhance their business continuity plans. (JOB)