'GenAI reshaping IT-BPM industry'

Generative artificial intelligence (GenAI) is expected to augment rather than displace jobs in the Philippine information technology and business process management (IT-BPM) industry in the near term, according to a report by the Bangko Sentral ng Pilipinas (BSP).

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In an economic newsletter, the BSP said findings from consultation meetings with key stakeholders indicate that GenAI is reshaping business operations while underscoring the urgent need for workforce reskilling and upskilling to keep pace with rapidly evolving, AI-driven demands.

“Amid fears of job replacement and obsolescence, GenAI should be viewed as a tool and a partner that offers infinite potential in enhancing the efficiency of current systems and streamlining processes, providing opportunities for employees and businesses to move up the value chain,” the BSP said.

The IT-BPM industry remains a major pillar of the Philippine economy. As of end-2024, the country held the second-largest share in the global IT-BPM market at 18 percent, behind India’s 40 percent share.