IT-BPM Summit proposed a comprehensive road map to 2020 in aid of the Philippine economic growth
The president of Information Technology and Business Process Association of the Philippines, Jose Mari Mercado spoke during the International IT-BPM Summit at the Makati Shangri-La Hotel on Monday, September 13th.
According to Mercado, the current IBPAP road map projects to hit $25 billion revenue with employment at 1.3 million in 2016. The IT-BPM road map was created by the Department of Science and Technology (DOST) and IBPAP. Mercado said that they are keen to update the industry’s road map in increments of five years to buoy up and maximize the Philippines potential for growth. Mercado cited a forecast by Tholons, an advisory firm for global outsourcing and research, that the IT-BPO industry’s revenue could hit $48 billion in 2020 based on the global outsourcing market projection of the Philippines’ compounded average growth rate or CAGR of 9% to 12% across all sectors of the BPO industry from 2004 to 2014. The global industry’s ballpark value by 2020 is $250 billion.
Because of the targeted growth in revenue, DOST is working to improve the education and training of Filipinos to narrow the gap between the skill sets of those living within Metro Manila and in the provinces. Deputy executive director for industry development of the DOST information and communications technology office, Monchito B. Ibrahim stated that the government is driving the BPO growth outside Metro Manila through rural impact sourcing and training programs in the provinces like Camarines Norte and Muslim Mindanao.