BPAP Predicts Higher Revenues for Software Outsourcing Sector
by: Sarah Joson
Tuesday, September 18, 2012
Meanwhile, the industry currently has a 27% growth rate, said Nora K. Terrado, President of Philippine Software Industry Association (PSIA). Terrado added that the 30% year-on-year target in 2013 will result to an increase of $1.5 billion in revenues and a 25% growth in employment which will reach about 80,000 personnel.
In 2011, the local software industry grew 27%, with $993 million in revenues and 50,000 employees.
Other growth contributors identified by PSIA Director Tae Abe-Abion are Filipino innovations such as marketing efforts to promote the country as software and ITO (information technology outsourcing) destination, as well as the large qualified workforce.
In line with that, BPAP Chief Executive Benedict C. Hernandez cited the software outsourcing sector as one of the key contributors of the local outsourcing industry. Hernandez added that the Philippine software sector is gaining foothold in the global market and that the robust growth of the segment indicates its capabilities in a rapidly developing market.