According to Benedict Hernandez, BPAP (Business Processing Association of the Philippines) CEO and outgoing President, the information and business process management, along with other outsourcing segments, will be utilized and reinforced by the organization to achieve the goal.
The organization has been rebranded to Information Technology and Business Process Association of the Philippines (IBPAP). This was done to properly state that the organization covers the entire outsourcing range of services provided by the country. They are hoping that the new name will attract investors in the IT-BPM segment, while expanding the Philippines’ brand as a premier IT outsourcing destination for high-valued services such as creative processes and products, customer relations and health care information management, and software product development.
Meanwhile, a compounded annual growth rate (CAGR) of 20 percent is projected for the IT-BPO sector. The $25 billion by 2016 goal is approximately 10 percent of the $256-billion global IT-BPO market share.
The IT-BPO industry is expected to grow 20 percent from nearly $13.6 billion last year to $16 billion this year, and employ 926,000.