The country’s information technology and business process management (IT-BPM) losed 2024 with higher revenues amounting to $38 billion, according to IT and Business Process Association of the Philippines (IBPAP) president and CEO Jack Madrid.

The sector’s export revenues last year grew by 7 percent from $35.5 billion in 2023.

Madrid told reporters in a text message on Wednesday that the “global demand by the US businesses, especially in banking, financial services, and health care” has driven the local industry’s growth last year.

However, the revenues in the previous year fell short of IBPAP’s higher-end outlook of reaching its first $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 from 1.7 million FTE in 2023.

In a media event on Monday, 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.

PNA PHOTO