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Manila Bulletin devider Business devider DOF assures support to IT-BPM sector

DOF assures support to IT-BPM sector

Published Oct 24, 2022 03:01 pm

The government is committed to boost the growth of the Information Technology and Business Process Management (IT-BPM) industry, the Department of Finance (DOF) said.

At the recent Contact Center Association conference, Finance Secretary Benjamin E. Diokno said the government will build an enabling environment to boost the country’s competitiveness in the field of business processes and services.

Chaired by the DOF, the Fiscal Incentives Review Board (FIRB) earlier allowed the transfer of registered IT-BPM firms to the Board of Investments to resolve the sector’s long-standing issue on tax incentive claims while performing business activities beyond their zone limits.

Diokno said the FIRB understands the motivation behind work-from-home setups as new business models amid the changes in the business landscape.

Given the global contact center and business processing services markets’ exponential growth in the past 15 years, the DOF strongly recognizes the need to integrate new, adaptive, and sustainable workforce models, Diokno said.

According to the projections of the IT and Business Process Association of the Philippines (IBPAP), the IT-BPM industry is expected to generate up to 1.1 million direct jobs by 2028.

In the Asia-Pacific region, the Philippines remains to be one of the most preferred locations for delivering business processing and contact center services.

Moreover, with various firms employing new techniques and work models, the IT-BPM sector has effectively set the stage for digitalization to flourish in the Philippines.

Diokno cited the Covid-19 pandemic as a catalyst for the industry to evolve even faster––resulting in a dynamic, reliable, and significantly more agile IT-BPM industry that is aligned with the DOF’s push for a sustainable and digitally-powered economy.

As head of the economic team, Diokno said he is one with the need to reimagine the future of work. The increased relevance of the IT-BPM industry in today’s economy has enabled digitalization to flourish in the Philippines.

“Let me assure you that the Department of Finance and the FIRB are one with the Contact Center Association of the Philippines in promoting the country as an industry leader and top investment destination in the contact center sector,” said Diokno.

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DOF Department of Finance Finance Secretary Benjamin E. Diokno
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