he developed world is due to suffer stagflation — high inflation and low economic growth — in the near future. Because of the high prices of commodities, partly caused by the Russian-Ukraine war — another recession is expected in the next three to four years. Even China has slowed down dramatically at a GDP growth rate of 3 to 4%.
The main players actually expect a recession in the developed world to increase demand for Philippine BPO-IT services. They were so bullish that they expect to add 1 million more workers to their industry in the next six years. I considered their optimism quite realistic. Not only are IT-BPM enterprises locating in other major urban centers like Metro Cebu, Davao, Iloilo, and Cagayan de Oro. They are increasingly expanding to secondary cities and municipalities like Puerto Princesa, Tuguegarao, Dumaguete, Tanjay , Angeles , and Capiz, among others.
Another major contribution of the IT-BPM industry to Philippine equitable economic growth is the role it will play in the upskilling and reskilling of Filipino human resources. Going forward, the continuing growth of the Philippines IT-BPM industry will depend on the country’s ability to ensure a continuous supply of talent and skills in demand, along with an enlightened and favorable environment and enabling physical infrastructure.