Philippine Software Industry Enjoys 30% Revenue Surge in 2013
Software development and production is at an all-time high in the Philippines, with the industry seeing a revenue increase of 30 percent in 2013.
According to the Philippine Software Industry Association (PSIA), earnings was set to hit $1.5 billion last year, a significant increase from 2012’s $1.16 billion. This is linked to the overall positive economic growth that the country has been experiencing, proof of which are the recently granted investment-grade ratings from big three rating agencies Fitch, Moody’s and Standard & Poor’s.
- Along with the increase in revenues has come a corresponding rise in the number of software companies and information technology professionals in the country.
- There are already over 500 established software firms here, many of which are based in Manila though there are growing IT hubs as well in cities like Cebu, Davao, and Iloilo.
- There are also quite a few startups ready to progress from the launch phase and it’s estimated that the number of IT employees has jumped from around 60,000 to 80,000. In other words, there’s no better time than now to make the most of the tech opportunities that the country has to offer.
Why the Philippines?
There’s an abundance of creative and technical talent in the Philippines. The country as a whole has a young and well-educated workforce, whose numbers swell by an average of half a million every year. Of these 500,000 or so new college graduates, around 180,000 hold engineering/IT-related degrees and 120,000 will have graduated from business courses.
Then there’s the fact that the country is already the world’s market leader for voice BPO and has been a top outsourcing destination for years, with systems and infrastructure already in place as well as a growing pool of professionals with experience in the industry. For those in the market for fresh and seasoned talent as well as experienced managers, there is no better choice.
A large and highly capable labor pool is far from the Philippines’ only advantage. It also has a long history of design innovation, a highly Westernized culture, and some of the most affordable information technology outsourcing (ITO) costs in the world (though you should expect to shell out a bit more for top-tier talent).
Want to find out what else is going on in the software industry in the Philippines? Need help with programming and other IT services? We’re here to answer whatever outsourcing questions you may have.