The IT Business Process Association of the Philippines plans to recalibrate the industry roadmap after growth slowed in the past 18 months.
“Now that the data is there, we personally reached out to a group of third party to look at the possibility of triggering a recalibration study. Recalibration is important because data from industry is heavily used by other sectors in terms of reference, in terms of how much their own growth will be projected or reprojected,” ITBPAP president Rey Untal said in a news briefing during the culmination of the International Innovation Summit Tuesday.
ITBPAP chairman Lito Tayag said the industry grew by only 4 percent in 18 months since 2016, which was short of the target of 8 percent. The sector grew 4 percent in terms of headcount to 1.19 million from 1.14 million 18 months after 2016. Revenue rose 4 percent to $23.8 billion from $22.9 billion in 2016.
“We believed we were impacted by the wait and see [behavior] of investors and potential locators due to number of geopolitical issues and uncertainty over incentives rationalization but this should not discourage us. Our industry is among largest creators of jobs, driving growth and economic progress in the countryside. We will continue to help expand the middle class and champion startups and SMEs,” Tayag said.