BPOs Remains Resilient, Posting Revenue Growth Despite Pandemic
The Philippine IT and business process management (IT-BPM) sector remained resilient in the face of COVID-19, according to the latest data from the IT and Business Process Association of the Philippines (IBPAP).
Despite the fact that the Philippine economy contracted by 9.6 percent in 2020, the BPO sector managed to increase its headcount by 1.8 percent from 2019, growing to 1.32 million BPO workers in the Philippines. Meanwhile, the sector recorded roughly $27.6 billion in revenues in 2020, which is a 1.4 percent increase from 2019. While these numbers seem small, it reflects the general stability and adaptability of the BPO sector.
“The fact that it reached this level of growth by year-end is proof of the industry’s resilience and fundamental role in the Philippine economy,” said IBPAP president and CEO Rey Untal.
The industry prospects for 2021 look good, with 87 percent of IT-BPM companies expecting to see at least five to 15 percent growth this year, according to IBPAP. The remaining 13 percent anticipate flat growth, and almost zero predict the industry shrinking.
BPOs are also expressing more interest to expand to the provinces within the next 12 to 18 months, a survey result that’s supported by a Leechiu Property Consultants report, which shows BPOs rising in Cebu, Iloilo, Bicol, and more.
Don't forget to subscribe to the Esquire Philippines YouTube channel.