The Philippine information technology and business process management industry landed new contracts worth over $164 million that will generate new jobs and support the sector’s growth of 5 percent in 2021, an official of the Board of Investments said Wednesday.
BOI executive director Corieh Dichosa sad “over the last 12 months ending April 2021, the Philippines received quotation requests for outsourcing that will require 5,470 full-time jobs and representing over $164 million in contract value.”
“The Philippines is a top-tier destination for IT-BPM services and remains as one of the leaders in the global IT-BPM industry,” Dichosa told a Hungarian business delegation during the second day of the Hungary- Philippines Online Business Forum.
Industry data showed the Philippines IT-BPM ranked first in voice related services and second in non-voice accounting for 13 percent of the global market.
Tholon’s Global Innovation Index also placed the Philippines among the top 50 digital nations. In terms of revenue, the local industry reached $26.3 billion in 2020, with a potential to reach $29 billion by 2022.
Despite the impact of the COVID-19 pandemic, the industry’s manpower grew by almost 6 percent, bringing the total industry headcount to 1.3 million. The industry projects manpower to increase by around 130,000 full-time employees cumulatively between 2021 and 2022.
BOI managing director Ceferino Rodolfo said the Philippines continued to hit high marks in foreign investments despite the pandemic.
“As of May 2021, compared with January to full month of May last year, investment at the BOI was already 48 percent higher. In fact, despite the pandemic last year, the BOI recorded its second highest investment approval level in our 53-year history,” he told Hungarian investors.
The BOI encouraged Hungarian companies to locate in the Philippines to have access not only to the Philippines’ growing domestic market but also to ASEAN-related free trade agreements with Japan, Korea, Australia New Zealand China.
Access to the EU and the US is a breeze with the Philippines as beneficiary of the zero tariff exportation access through the Generalized Systems of Preferences program.
“We are certain the memorandum of intent between the DTI and Hungary signed in 2019 will be an instrumental platform, so we can maximize our opportunities between the Philippines and Hungary,” Rodolfo said.
