The financial rewards from the Information Technology-Business Process Management industry (IT-BPM) have soared immensely in the past decade, as over 450 companies employed over 130,000 workers earning over PhP7.6 billion in monthly salaries through direct employment.
Such a phenomena has also brought about surging demand in housing, transportation, gadgets, travel, retail, among others, as migrants from nearby cities and provinces have clinched employment in Cebu and made the city their second home.
Joel Mari Yu, consultant for the Cebu Economic and Business Unit (CEBU), related that they never expected such unprecedented growth, from just 20 companies in 2000 to 456 firms occupying over 1 million square meters at 2016’s yearend in Metro Cebu alone.
“This does not count the other Business Process Outsourcing (BPO) companies based in Mandaue City and Lapu-lapu City. If we include this, numbers would easily surpass 150,000 and nearly 500 companies,” Yu declared in his talk on “Gearing for More Growth” during the 2017 Transformation Summit held at a Cebu uptown hotel.
He further added that if PhP30,000 were to be the average monthly salary, new and indirect monthly earnings would hit PhP9.6 billion monthly due to the huge multiplier effect on several sectors that have benefited greatly.
“Presently, Cebu places second in the country in no less than eight sectors; medical, banking, education, transportation, aviation, shipping, and others,” he continued, offering no figures.
Regarding aggravating issues affecting the IT-BPM industry, Yu said the transportation and traffic problem was already addressed by providing Ceres buses to the employees residing in the northern and southern towns.
Security and safety concerns are handled by increased police visibility at the Cebu IT Park and Cebu Business Park for the well being of the workers.
Already in the offing are housing and residential units for an expected increased workforce in the coming years due to the continuous expansion of the BPO companies and software firms.
By RICHARD RAMOS