With its strong performance, the Philippine Software Industry Association (PSIA) declared that the sector grew 17 percent compared to 2011 and contributed $1.16 billion in export revenues.
Various opportunities were brought about by the continuous growth of company revenues such as the availability of jobs for Filipinos. In fact, the number of full-time employees (FTE) grew 14 percent, which equates to nearly 57,000 last year. The annual revenue of each FTE also increased 2.2 percent.
Meanwhile, Nora Terrado, President of PSIA, said the country’s software and IT industry is right on track when it comes to its growth projections and is anticipated to reach $1.5 billion in export revenues set for 2014. However, Terrado noted that even with its thriving economy, the Philippines still faces several challenges to reach its full potential.
The local talent pool was identified by the industry leader as the backbone of the sector’s growth and commented that training to further hone skills is PSIA’s top priority.