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The Philippines is following five-year roadmap that lists goals, such as annual revenue and employment growth. However, BusinessWorld reports the country has missed its mark due to a number of reasons: uncertainty despite plans on changing incentives and US President Donald Trump’s platform of giving Americans their jobs back.
“Based on a study that we have completed recently, the IT-BPM (business process management) industry in the Philippines has grown four percent in headcount and four percent in revenue over the past 18 months,” IBPAP Chairman Lito T. Tayag said in his speed while ending the two-day International Innovation Summit 2018 held in Taguig City.
Despite not reaching the goal, the industry has experienced a four percent increase in both workers and revenue. In numbers, the headcount boosted from 1.14 million during the end of 2016 to 1.19 million as of June 2018. On the other hand, revenue increased from $22.9 billion in 2016 to $23.8 billion. Tayag said this wall all thanks to multinationals who keep on choosing the Philippines in expanding their businesses.
“The growth, however, is lower than the eight-percent annual growth that the road map 2022 had originally projected. We believe we were impacted by the wait-and-see attitude of investors and potential locators due to a number of geopolitical issues and uncertainty over the incentives rationalization,” Mr. Tayag explained. He also said the industry is still known as the top generator of jobs within the country despite of challenges.
On the other hand, IBPAP President and Chief Executive Officer Rey C. Untal said: “The fact that our actuals show a difference from what we said our targets are, to me, the prudent course of action is to recalibrate,” Mr. Untal said, adding that the revisions could be completed next quarter.”