by: Sarah Joson
Wednesday, September 24, 2014 | Outsourcing News |
The information technology and business process management (IT-BPM) industry of the Philippines is set to generate $25 billion in revenue and employ 1.3 million Filipinos by 2016. Amidst its bullish growth over the years, the sector is seen to tap a larger market base - specifically for high-valued processes.
According to Jose Mari Mercado, President and CEO of Information Technology and Business Process Association of the Philippines (IBPAP), there are still countless opportunities left untapped for the Philippines. Some of these segments include the finance and accounting functions as well as healthcare back office processes.
Last year, growth was said to have been driven by foreign investors who wanted to expand operations. In addition to that, the "captives" market, which is also known as in-house BPO units that specialized in the specific needs of clients, fuelled the growth of the segment.
The industry body is hoping to hit the 16-percent growth target, which is equivalent to $18 billion this year from $15.5 billion last year. In line with that, employment reached 900,000 last year.
Meanwhile, the Philippine Institute for Development Studies said the Philippines could soon become the leader in the Asia-Pacific region for services because of its scalable workforce. In fact, PIDS Research Consultant Ramonette Serafica said the 10.4 million Filipinos make the Philippines a natural market for services.
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