A flat growth for the local information technology and business process management (IT-BPM) industry is expected this year amid the pandemic.
The IT and Business Process Association of the Philippines (IBPAP) said revenue outlook for the IT-BPM industry at end-2020 is at $26 billion, while full-time employment will remain at 1.3 million.
In 2019, the sector closed the year with a revenue of $26.3 billion, 7.1 percent higher than in 2018. Last year, employment also grew by 5.8 percent to 1.3 million from the 2018 level.
IBPAP president Rey Untal said the industry is still outperforming the global economy, which is expected to contract by 3 percent to 4 percent this year.
However, recovery is expected next year, and by 2022, the local IT-BPM sector is projected to grow between 3.2 percent and 5.5 percent in revenues and between 2.7 percent to 5 percent in employment.
“At this point, we are operating at pre-Covid levels, and developments are happening. New growth is starting,” Untal said.
Photo by PNA