The Philippines has gained stature and major recognition in recent years with its best-performing Information Technology and Business Process Management (IT-BPM) sector not just in the region but in the rest of the world. It is positioned at the forefront of providing voice-based services and at the same time displays competitive advantages in non-voice and complex process outsourcing services. The IT-BPM industry of the Philippines has already undertaken India’s top position in voice-based services and is now the number one provider of technology services in the international economy.
As of 2016, the sector delivered $2.97 billion in total revenue coming from various service types, such as BFSI (banking, financial services and insurance), technology, retail, manufacturing and health. To date, there are 650+ IT-BPM companies in the Philippines, counting as the biggest employers in the country next to the national government. As such, the industry significantly boosts the economy of the country by providing thousands of jobs for Filipinos.
The most notable achievement of the IT-BPM industry is accounting for a massive portion of the Philippine’s gross domestic product, comprising over 67% of the country’s total revenue in 2011. The Department of Information and Communications Technology (DICT) estimates a $38.9 billion of BPO revenue in the next six years from the IT-BPM industry.
The firm foothold of the IT-BPM industry in the Philippines is anchored on the excellent skills of its workforce. Filipinos possess a competitive mastery in English communication skills, excellent customer service orientation and versatile acclimatization to the Western culture of clients. These advantages provide investors an upper hand in venturing into IT-BPM in the Philippines.
The Philippine government should also be given enough recognition as a catalyst of business development as it provides the IT-BPM sector one of the best investment landscapes for start-ups as well as established multinational enterprises. The government continues to see the IT-BPM industry as a key factor for the country to move up from the status of a developing economy.
With such importance the IT-BPM industry plays in the country, the Philippines is proud to host this year’s International Innovations Summit (IIS) on November 12 and 13, 2018 at the Shangri-La at the Fort in Taguig City. Formerly known as the International IT-BPM Summit, it is organized by the Information Technology and Business Process Association of the Philippines (IBPAP) and will bring together stakeholders to discuss industry trends, share insights and best practices as well as networking opportunities.
“This year’s IIS will showcase the growth of IBPAP as we collaborate with sectors integral in this industry such as animation, gaming, global in-house centers and healthcare information management. The summit will be able to have a 360-degree perspective on industry trends and transformations,” said Cathy Ileto, IBPAP vice chairperson and IIS 2018 chairperson.