Manila: The Philippine information technology and business process management (ITBPM) industry is seen to finally meet its USD40 billion revenue target this year, a target that was initially set for 2024, as demand is expected to surpass supply.

According to Philippines News Agency, IT and Business Process Association of the Philippines (IBPAP) president and chief executive officer Jack Madrid expressed optimism about the growth of the ITBPM sector despite uncertainties in the United States market. Speaking at the memorandum of understanding (MOU) signing with the Department of Trade and Industry (DTI), Madrid stated, "I see more demand.We are going to grow," and projected that the industry should cross USD40 billion by the end of the year.

Madrid also predicted a significant increase in full-time employees (FTEs) within the local ITBPM industry, anticipating the number to reach two million in the next 12 to 18 months, up from the current 1.82 million FTEs. He emphasized the importance of 'up-skilling, re-skill, and cross-skill' initiatives to bolster the industry's talent pool and meet its growth targets.

The executive highlighted the necessity for investing in the skills of the existing workforce while ensuring that new graduates possess the relevant skills for future job types. "Most of our members invest in the up-skilling of the existing workforce. But in order for our industry to grow, we must make sure that the upcoming generation of jobseekers-these are the graduates every year-have relevant skills for the new work types of the future," Madrid said.

Meanwhile, IBPAP plans to review and recalibrate its 2028 Roadmap this year, in response to recent changes in the tariff policy in the United States.