The Philippines ICT industry recently made a great promise: by 2016, it will contribute as much as $50 billion in direct revenues, 70% of which would come from the IT-BPO industry.

It also promised a projected $150 billion in indirect investments in the economy, primarily through real estate, transport and telecommunications, banking, and taxes.

The country’s economic development authority already sees the IT-BPO segment growing at 15% annually. Much hope is also pinned on the sector in helping ease the country’s 7% unemployment rate and accelerating countryside development. Currently, IT-BPO accounts for only 1.6% of the 40-million strong labor force and 5% of the GDP.

Beginning with the Arroyo administration, the government has been gung-ho on harnessing the huge potential of IT-BPO as a means to leapfrog economic growth. Today, under the Aquino government, the Information and Communication Technology Office of the Department of Science and Technology is raring to tap into this gold mine—a priority in its ICT industry development programs.

All this raving about IT-BPO is for good reason. In recent years, the sector has contributed to the country’s economic growth, together with telecommunications, real estate, housing, and retail trade. The Philippines has already established itself as the clear global number two IT-BPO leader after India, which it had surpassed in 2010 as the main location for business support services.