The government sees information technology business process management (IT-BPM) and mining as sectors with the highest growth potential in the near and medium term.
During the Post-SONA (State of the Nation Address) Economic Briefing, Trade Secretary Alfredo Pascual said the IT-BPM sector, which is growing fast, is poised to even expand further.
“The potential is even greater now with the heightened use of digitalization and online services as a result of the pandemic,” he said.
He said the IT-BPM sector is among the sectors the Department of Trade and Industry is focusing on in terms of investment promotion efforts.
Last year, the country’s IT-BPM sector saw growth both in terms of headcount and revenues.
In particular, its full-time employees rose 9.1 percent year-on-year to reach 1.44 million last year, surpassing the 1.43 million target for this year.
The IT-BPM sector generated $29.49 billion worth of revenues last year, 10.6 percent higher than the 2020 level, and also above the $29.1 billion goal for this year.
Finance Secretary Benjamin Diokno said mining is another sector with high growth potential.
“I will bet the mining sector will be the fastest growing. From almost near zero, it can grow really fast,” he said.
Despite the country being rich in mineral resources, the mining sector’s contribution to the gross domestic product has been small, at less than one percent, amid restrictive policies.
Last year, the government lifted the four-year-old ban on open pit mining, with the sector seen as a potential contributor to the country’s efforts to recover from the pandemic.