MANILA: The Information Technology and Business Process Association of the Philippines (IBPAP) is eyeing to hit its first USD40 billion revenue this 2024.
IBPAP president and chief executive officer Jack Madrid said the IT and business process management (ITBPM) industry targets to grow 7 percent this year in revenue and full-time employment (FTE) from 2023 figures.
Last year, the ITBPM industry became the top dollar earner for the country, surpassing overseas Filipinos’ remittances.
Industry revenues in 2023 reached USD35.5 billion, adding over 130,000 jobs, with a headcount reaching 1.7 million.
Growth in revenues and FTE last year were higher than the industry target of 8 percent, Madrid said.
In a press launch of its new campaign in Taguig City on Tuesday evening, Madrid said generative artificial intelligence (AI) would support the growth targets for this year.
He said deploying generative AI technology in ITBPM companies can improve the productivity of employees by 14 percent, which could help in
achieving the industry targets.
By 2028, the industry association aims to hit revenues of USD59 billion and FTEs of 2.5 million.
On the other hand, Madrid said the Philippines’ ITBPM sector has to address challenges in the workforce, especially reskilling and upskilling the pool of talents to meet the diversifying skills requirement of the industry.
‘We feel that for the foreseeable future, AI will augment jobs, it will affect some jobs, but that is also an opportunity to upskill, right-skill, and cross-skill our employees. The best way to prepare for AI is to work on our skillset,’ the IBPAP chief added.
Meanwhile, the IBPAP launched its new campaign ‘With the Philippines,’ promoting the vast services that the country’s ITBPM sector can offer.
‘This rebranding goes beyond a mere facelift; it’s about shifting perceptions and uncovering the vast landscape of opportunities within the ITBPM sector. We take pride in our Filipino workforce, our most valuable asset, and aim to empower them to champion our indu
stry,’ Madrid said.
Source: Philippines News Agency