Cumulative investments in the IT-business process management sector reached P9.6 billion from 2019 until April 2023, data from the Board of Investments show.
The sector’s positive performance was attributed to IT-BPM firms’ transfer of their registration from Philippine Economic Zone Authority to the BOI to continue the flexible working hours while enjoying fiscal incentives.
The 98 projects registered at the BOI added 29,374 full-time employees to the labor market, it said.
Based on the latest industry report, new and expanding IT-BPM firms invested P3.36 billion that were registered with the BOI in the first four months of 2023. These represented nearly three quarters of the total investments of P4.82 billion in 2022.
BOI-registered ITBPM firms are entitled to 100-percent work-from-home incentives on top of other perks that the Philippine Economic Zone Authority offers to registered business enterprises/
The latest throve of investments boosted employment by additional 9,483 FTEs.
About 1,336 IT-BPM companies from PEZA and 34 BPOs from Clark Development Corp . have transferred their registrations to the BOI.
Among the companies that recently registered with the BOI are Office Partners 360 Inc., Rhythmos DB Inc., Helloconnect Inc., Techlog Center Philippines, TaskUs Outsourcing Philippines Inc., Ivoclar Vivadent Services & Support Inc., Netskope Philippines Inc., LBS Digital Infrastructure Corp., Evolent Health International Philippines Inc., Alorica Philippines Inc., Alorica Teleservices Inc., IXL Solutions Philippines Inc., Watlow Philippines Inc., HCL Technologies Philippines Inc., AFNI Philippines Inc., Kuehne + Nagel Global Services Inc., EMAPTA Philippines Inc. and Change Healthcare Philippines Inc.