Sovtware Development of the Philippines Posts higher Earnings
The Philippines’ software development industry had seen an increase in export revenues and employment last year, based on a report by Tholons, a services and investment advisory firm.
In 2010, the industry posted $725 million in export revenues. More than half (57 percent) were from the US market, while one-fourth of this figure came from the United Kingdom. Other markets that contributed to this growth include Canada, Japan, Europe, Australia, Middle East, and countries in the Asia-Pacific.
When it comes to job opportunities, a total of 44,962 were employed in the industry in 2010, up by 27.60 percent compared to 2008 and 2009 with only 35,300 full-time workers. Top services for foreign clients were application maintenance, software testing, and custom application development. In the local scene, sources of revenue were product engineering and system infrastructure support service.
This Tholons study was done to assess the current situation of the local software industry. It was commissioned by the Philippine Software Industry Association (PSIA), with funding from the Commission on Information and Communications Technology (CICT). According to PSIA President Nora Terrado, despite the financial crisis, the software development industry remains committed to reaching the goal of the Philippines to become the outsourcing location of choice.