The Philippines' flourishing IT and outsourcing industry, second only to that of India, is eying a revenue of up to USD 25 billion and create 1.3 million jobs by 2016, an industry association forecast today.
The Information Technology and Business Process Association of the Philippines (IBPAP) said it is aiming for a 16 per cent increase in revenue this year, from USD 15.5 billion in 2013 to USD 18 billion.
The group's president and chief executive Jose Mari Mercado said he is confident of reach the 1-million employment target within the year. Employment by IT and business processing companies in 2013 hit 900,000.
He said the booming sector expects more traffic within the next two years with the increasing share of more value- added services despite an already huge base.
Mercado said there were still unsaturated areas, leaving a huge space for growth in back office space, finance and accounting services as well as healthcare.
Growth in 2013 was basically due to foreign clients who kept on coming back for more work to be done outside the Philippines, he was quoted as saying by Manila Standard Today.
"We have a strong working relationship with the Philippine government and are proud of the hard work and professionalism provided by the Filipino workforce," Mercado said in a separate statement.
"The IBPAP will maintain high standards and will continue to work for a brighter future in IT-BPM, enabling and supporting maximum industry growth that targets for USD 25- billion in revenue and 1.3 million direct jobs by 2016, calling for a higher share of the global market," he said.
India's outsourcing industry is estimated to be worth over USD 23 billion in 2013.
Meanwhile, the Philippine Institute for Development Studies said the country could be a hub for services trade in the Asia Pacific because of a pool of skilled, semi-skilled and low-skilled workers.
"The estimated 10.4 million Filipinos abroad are a natural market for Philippine services. The Philippines can be a home to world-class brands with the internationalization of Philippine franchise brands," the paper quoted PIDS research consultant Ramonette Serafica as saying.
