The Philippine IT and Business Process Management (IT-BPM) industry has grown significantly in the past two decades as one of the biggest economic drivers of the country and one of the major sources of foreign exchange, alongside OFW remittances and tourism receipts.
Still, the IT and Business Process Association of the Philippines (IBPAP) has said the sector continues to face challenges locally and internationally although it expressed belief the industry will continue to move forward.
IBPAP said it sees the Philippines remaining as one of the top investment destinations for IT-BPM services in the global marketplace, thereby providing quality jobs to millions of Filipinos.
In this year’s International Innovation Summit (IIS), the group emphasized the strength and experience of the Philippines as a leader in the IT-BPM global space, with the theme, “Next PHase: Leading the Charge, Withstanding Headwinds, and Driving the Future of IT-BPM Today.”
IBPAP has been organizing the summit to hold discussions on current industry trends, issues and forecasts.
The recent summit was curated into three tracks essential for the next phase of the Philippine IT-BPM industry.
In a statement, the group identified the three tracks as follows:
“First is the country and policy arena where we aim to further strengthen theindustry and remain relevant in the global marketplace. Second, and equally important, is human capital, to ensure that the industry brings its most valuable asset, the Filipino talent, to the next level of innovation. Last but not least is deep tech, to encompass the innovation that is happening in the here and the now, and if the Philippine IT-BPM industry is future-ready.”
IBPAP maintained that developing countries are making a rapid shift to middle-income and even advanced economies and the region is “en route to leading the world market.”
It added that the Philippines can learn from its neighbors to keep up with the global movement, attracting businesses and ensuring mutual growth in the region. Likewise, it cited the importance of addressing inequalities and environmental stresses on the national and international level.
“As the world continues to change with the growth rate of technology, the demands of the business environment together with the workforce are also transforming,” IBPAP said.
“With that, the standard of education needs to keep up to ensure that talents have the right skill sets needed when they enter the shifting landscape of both business and workforce,” it said.