MANILA, PHILIPPINES – The Philippine IT-Business Process Management (IT-BPM) industry is poised for a significant hiring boost in the last quarter of 2024, primarily in the contact center sector.
This surge is driven by increased demand from North American clients ahead of the holiday season, with expectations that job growth will surpass previous targets.
According to the IT and Business Process Association of the Philippines (IBPAP), the industry has already exceeded its 2024 job creation baseline and is on track to reach 1.82 million jobs by the end of the year.
This growth aligns with the industry’s revenue projections, which are expected to reach $38 billion in 2024. This represents a 7% increase from the $35.5 billion recorded in 2023, surpassing earlier forecasts and underscoring the sector’s resilience and expansion
Stable attrition and growing investor confidence
According to Jack Madrid, president of IBPAP, despite global challenges, attrition rates within the industry have remained stable. Contact centers continue to experience higher attrition rates, around 40%, while global in-house centers (GICs) report lower rates of 10–15%. Some firms are even seeing single-digit attrition, a sign of improved employee retention compared to previous years.
Investor interest in the Philippine IT-BPM industry remains robust. North American interest continues to lead, with growing attention from the Asia-Pacific, Australia, and the UK. To leverage this, IBPAP is collaborating with the Department of Trade and Industry (DTI) on an upcoming investment mission to further promote the Philippines as a top IT-BPM investment destination.
Navigating Future Challenges
As the industry progresses, the rise of artificial intelligence (AI) remains a critical consideration. While AI technology poses a potential challenge, Madrid assured that it will not replace jobs but reshape them. Upskilling workers in areas like AI, data analytics, and IT support is crucial to meeting future demands.
With strong job creation, rising revenues, and sustained investor interest, the Philippine IT-BPM sector is well-positioned to remain a global outsourcing leader.
