The information technology and outsourcing sectors will continue to grow despite growing threats such as automation and artificial intelligence, an industry group said.
Expansion will lead to the generation of around 100,000 jobs per year for a total of 600,000 by 2022, the Information Technology and Business Processing Association of the Philippines (IBPAP) said,
Revenues are also expected to grow by around 9 percent and the association said the country could account for 15 percent of the global information technology and business process management (IT-BPM) market in five years, up from 12 percent currently.
The Trade department shared the IBPAP’s outlook, noting that stakeholders have a high level of confidence in the Philippines and that existing locators are continuing to post growth given the country’s talented workforce.
While Metro Manila remains the first choice for new investors, some were said to be keen on expanding outside the center to other promising locations such as Cebu, Davao “and other emerging growth centers which are friendly to investors,” the department said.
Trade Secretary Ramon Lopez, along with Trade Undersecretary Nora Terrado, recently met with IBPAP to discuss current challenges and the status of the IT-BPM industry.