The unparalleled rate in the growth of the country’s Information Technology industry together with its Business Process Management is definitely something to marvel at. In fact, Elmer Taboada shares with us the factors behind this growth and how economists believe this trend will only continue, making the Philippines a serious competitor with the potential to even overtake India as leader in IT business process services.
In 2012 alone, the IT industry generated over $13 billion in revenue—a significant growth from 2011’s $11 billion. The reasons for this upward swing are:
- Low cost
- Skilled workforce
- Growing population and young labor force
Taboada says these factors, combined with steady development, could lead to a long-lasting growth in Philippine IT and can make the country’s economy eventually compete with Asia’s strongest.