Global capability centers (GCCs) in the Philippines generated a combined $8 billion in revenues in 2024, highlighting their expanding influence within the country’s IT and business process management (IT-BPM) industry.
Jack Madrid, president and chief executive of the IT and Business Process Association of the Philippines (IBPAP), said these captive operations of global firms, including J.P. Morgan and HSBC, now employ about 250,000 professionals in the Philippines. The majority of these roles are in the banking, financial services, insurance and healthcare sectors.
“These are 100-percent owned global companies that have chosen the Philippines as their service delivery hub,” Madrid said during a briefing on Tuesday.
Madrid underscored the significant potential for further growth. While the Philippines currently hosts about 150 GCCs, it trails only India, which adds about 100 new GCCs annually. “There’s definitely an opportunity to grow our presence here. The revenue per employee in GCCs is significantly higher than in the broader IT-BPM sector,” he said.
