The IT & Business Process Association of the Philippines (IBPAP) secured recognition from the Bangko Sentral ng Pilipinas for a second straight year, underscoring the growing economic weight of an industry that generates more than $40 billion in annual export revenue.
BSP Governor Eli Remolona Jr. recognized IBPAP alongside 13 other institutional partners during the 2026 Outstanding BSP Stakeholders Appreciation Ceremony on Aug. 10.
IBPAP president and CEO Jack Madrid and COO Celeste Ilagan received the recognition on behalf of the association.
“This recognition from the BSP is especially meaningful because it reflects something much larger than our association,” Madrid said in a social media post.
The IT-business process management industry directly employs 1.9 million Filipinos and generates more than $40 billion in export revenue, making it one of the country’s biggest sources of foreign exchange, Madrid said.
“Those numbers tell only part of the story. Behind them is an industry that has earned the trust of global companies, created careers for generations of Filipinos, and continued to evolve through every period of technological and economic change,” he added.
Madrid said the industry must continue to adapt as artificial intelligence transforms the global services sector.
“But milestones like this remind us how far the industry has come, and why what we build next matters even more,” he said.
The BSP recognized its institutional partners for contributions to financial inclusion and literacy, retirement savings through the Personal Equity Retirement Account, and digital payments through QR Ph and tap-to-pay turnstiles for MRT-3 commuters.
Other partners were cited for supporting currency circulation through the Cash Service Alliance, combating counterfeiting, fraud and money laundering, and contributing to policy development.
