COVID-19 is leaving nothing unscathed, not even digitally-inclined business process outsourcing companies, a critical dollar earner and job-generating sector now poised for its first revenue decline in 11 years and slower future growth.
Members of the IT-Business Process Association of the Philippines, the sector’s umbrella group, are seen generating 26 billion dollars this year, 0.5% down from last year.
If realized, it would mark the first year-on-year decrease in revenues since 2009, a year after the global financial crisis.
With revenues slightly going down, jobs creation would likewise get stalled at 1.3 million full-time employees, also below the 1.33 to 1.37 million projected a year ago. IBPAP President Rey Untal was not worried.
Untal said, “I consider that good news in consideration of the fact that if we look at (gross domestic product) in the Philippines, we will likely end the year down 8%. For this industry to be reporting flat growth, is again great.”