Philippines Spurs Global Expansion for IT-BPM Sector, Eyes New Markets

MANILA, Philippines — The Information Technology and Business Process Association of the Philippines (IBPAP) has teamed up with advisory firms, real estate developers, banks and investment promotion agencies to encourage global firms to set up or expand operations in the country as part of its aim to hit $50.5 billion in revenue by 2028. In a statement, the IBPAP said the coalition was launched to attract global companies to set up or expand operations in the Philippines. The initiative is targeting firms headquartered in Australia, Japan, the Middle East and the UK as the industry seeks to go beyond its traditional US market and tap opportunities in other countries. It is also aiming to attract mid-market enterprises and organizations in the banking, financial services, insurance and healthcare sectors. The initiative forms part of the IBPAP’s strategy to achieve its best-case outlook of $50.5 billion in revenue and 2.14 million jobs by 2028. Last year, the country’s information technology –business process management industry generated $40.3 billion in revenue and 1.9 million jobs. To accelerate industry growth, the coalition will focus on positioning the country as a strategic location for higher-value global operations. The initiative will also strengthen the country’s leadership in customer experience, health care, IT, finance and accounting and human resource services by leveraging artificial intelligence and strengthening cybersecurity. Under the initiative, advisory firms will include the Philippines in their global location strategy recommendations. Meanwhile, real estate partners will provide global capability center-ready facilities and executive site visits. For its part, banking partners will help identify prospective investors through their international client networks. The investment promotion agencies’ role is to coordinate incentives and facilitate market entry for new locators. To attract global firms, IBPAP and its partners will conduct investor roadshows, executive briefings, industry speakers’ engagements and other business development activities across priority markets. “The conversation has changed. Companies no longer choose locations based solely on cost. They choose places that can deliver resilience, capability and depth of talent. That is where the Philippines competes today. We invite global companies ready to build their next chapter to build it with us,” IBPAP president and CEO Jack Madrid said.