Philippine BPO Industry Set for Robust Growth and Job Opportunities

In an optimistic forecast, the Philippine Business Process Outsourcing (BPO) industry is gearing up for a substantial 7% growth in revenues, projected to hit $37.87 billion in 2024 from an estimated $35.4 billion in 2023. This promising trajectory, according to Jack Madrid, the President of the Information Technology-Business Process Management Association of the Philippines (IBPAP), is not just about numbers but a significant contributor to job creation.

Madrid, expressing contentment with the anticipated growth, emphasized that the BPO sector is committed to adding jobs, foreseeing a boost in employment to 1.7 million full-time positions by the end of 2013. Particularly noteworthy is the healthcare segment within the IT-BPM industry, expected to shine through 2024.

Crucial factors driving this growth include the United States favoring the Philippines as a preferred hub for top-notch IT-BPM services and talent, a sentiment echoed by North American companies. Madrid also highlighted the attractiveness for foreign companies in the supportive role played by the Philippine government, especially in instituting favorable remote and hybrid work policies.

While contact centers continue to dominate the industry with a 60% share, meeting the demand for additional hires poses a challenge that industry leaders are actively addressing. Looking forward, the IBPAP has unveiled an ambitious roadmap for 2028, targeting 2.5 million jobs and $59 billion in revenue.

Excitingly, this expansion is not limited to Metro Manila, as IT-BPM players increasingly show interest in locations like Cebu, Davao, Iloilo, Clark, and Cagayan de Oro, signaling a nationwide growth trend. In summary, the Philippine BPO industry is not only on the rise but is also creating a wave of opportunities and positive momentum in the job market. (ASC)