The Philippines’ software outsourcing industry is considered one of the higher-value sectors and is credited for contributing some US$1.16 billion into the Philippine economy, employing nearly 60,000 software engineers and IT professionals. Estimated revenue per full-time employee (FTE) per annum is at US$20,500.
“We have great raw software engineering talent from different regions in the Philippines,” said Jerry Rapes, Exist Software Labs’ CEO. “We have the scale, we have dedicated people, and we’ve proven to our global customers that we can deliver.”
International research firm Everest Group notes that the Philippines is gaining ground in the field of offshore software development and information technology outsourcing (ITO).
In addition, data issued by the Industry Development of the Information and Communications Technology Office of the Department of Science and Technology shows that the Philippines has the third-largest pool for IT work in the Asia-Pacific region, while ITO costs rank among the lowest in the world.
This June, the PSIA, which is the premier organization promoting the global competitiveness of the software outsourcing industry of the Philippines, celebrated its 25th year in the making. Its transformation from a special interest group to a 150-powerhouse of software organizations is amazing.
Inspired, I came up with a simple representation of the Philippines’ software market growth by the numbers with the last values referencing PSIA.