BPO revenues rise 7% to $38 billion in 2024

The Philippine information technology and business process management (IT-BPM) industry posted revenues of $38 billion in 2024, up by 7 percent from $35.5 billion in 2023, according to the IT and Business Process Association of the Philippines (IBPAP).

IBPAP president Jack Madrid said "global demand by U.S. businesses, especially in banking, financial services, and health care," supported the local industry's growth last year.

However, the revenues in the previous year fell short of IBPAP’s higher-end outlook of $40-billion exports.

Madrid said the ITBPM industry also generated 120,000 direct jobs in 2024, with full-time employment (FTE) reaching 1.82 million, up from 1.7 million FTE in 2023.

The IBPAP executive said the local industry targets to increase its share in the global market.

He said upskilling and reskilling the Filipino workforce is crucial to improve the Philippines’ competitiveness by offering vast services on the back of the growth of artificial intelligence.