A short-term pullback by investors is expected to hit the Philippine business process outsourcing (BPO) industry that could result in a nominal to flat growth this year, according to an industry expert.
There are no official 2020 figures yet as to the industry performance last year, but based on IBPAP commissioned study with third party The Everest Group to recalibrate the sectors trajectory up to 2022, it showed that revenue growth could slow from 7.1 percent in 2019 to -0.5 percent in 2020. The study further pointed out that revenues will slip to $26.2 billion from $26.3 billion in 2019. Hiring growth meanwhile is seen to flatten out, but the good news here is the IT-BPM sector is projected to lose zero jobs in spite of the COVID-19 pandemic.
