Philippine BPO sector revenues seen reaching $38 billion in 2024

The information technology and business process management (IT-BPM) sector in the Philippines is on track to reach nearly $38 billion in revenue by the end of 2024, according to the IT and Business Process Association of the Philippines (IBPAP).

Jack Madrid, president of IBPAP, announced the optimistic forecast during the association’s annual flagship event held at the Okada Manila resort in Parañaque City. The expected revenue represents a 7% increase from the $35.5 billion recorded in 2023, surpassing the group's baseline projection for the year.

IBPAP’s current forecast estimates that the industry’s overall revenue will grow by at least 6.5% in 2024, reaching approximately $37.5 billion. This continued growth underscores the strength of the Philippines’ BPO sector, which remains a significant driver of the country's economy.

Madrid emphasized that the robust performance of the IT-BPM industry is a testament to its resilience and capacity to adapt to global market demands.