Amid the looming threats of job loss because of artificial intelligence and automation, the Philippine business process management and information technology business will grow at a steady rate of 7%. Moreover, jobs will also grow at a rate of 7% to 1.82 million in 2024, and revenue will reach $38 billion.
According to President of industry body Jack Madrid, who is also the CEO of the IT and Business Process Association of the Philippines, “Generative AI will not replace people, but people who use Gen AI will replace people who don’t.” He further urged the industry to improve the skills of its workers in areas like Artificial Intelligence to meet its ambitious goals till 2028. According to the roadmap developed in 2022, the sector’s jobs would reach 2.55 million, and revenues would grow to $59 billion.
Also read, Philippine Continue as ASEAN’s Fastest Growing Economy
In his speech, Madrid also stated that North American clients will continue to drive the industry’s growth, but the Philippines first needs to tackle what he termed as the “critical threat” of the talent gap. Later, in his speech, he mentioned that workers should be equipped with in-demand skills such as cybersecurity, data analytics, IT support, and more to make the Philippines an advanced nation rather than a destination known for low-complexity jobs.
