State of Shared Services Industry: Philippines Market Report 2024

The Philippines is only predicted to grow as a leader in the BPO sector, with a 7% projected growth for 2024. This would raise the country's revenue from $37.4 billion to $37.87 billion. Beyond contributing massively to the country’s economy, the BPO industry generates many job opportunities. In fact, the Information Technology-Business Process Management Association of the Philippines (IBPAP) expects an additional 1.1 million BPO employees between 2022 and 2028. The island country is an attractive location for BPO centers partly due to the Filipino government facilitating the industry’s growth through hybrid work policies. The country boasts financing programs and schemes to assist smaller-scale businesses. This favorable governance landscape then prompts foreign investment, which allows the sector to grow further.

Whilst the Philippines appears as a frontrunner for its human capital, the country falls behind in terms of technological advancements. Growing hesitations surrounding generative AI, financial restrictions on digital transformation, and relatively new automation initiatives contribute to the reliance on the Philippine’s talent pool. However, the country remains committed to developing their digital infrastructure, which will make the country even more competitive within the shared services and BPO landscape.

Download the report for full insights into the Challenges, Geographical Trends, Talent, Techonology in Philippines Shared Services industry. Plus, exclusive interview with Reah Maloloy-on Yu, Site Process Lead for Digital Transformation, Lexmark.