Online hiring in the Philippines' IT industry and banking and financial services and insurance (BFSI) sector has seen positive growth over the last 12 months, according to a Monster Employment Index (MEI) report.
The IT industry in the country recorded a 12 percent year-on-year (YoY) growth in online hiring in January 2016, and ended the year with a 12 percent YoY growth in December 2016.
As for the Philippines' BFSI sector, it started with 14 percent YoY growth in January, and saw its steepest growth in May at 28 percent YoY. The year capped off with 20 percent annual growth in December, resulting in an overall 15 percent YoY average growth for the year. According to MEI, this defied the regional downward hiring trend.
The report also found that the Philippines, on a whole, experienced the steepest YoY decline in February at -12 percent. It then saw a positive 4 percent growth in April, and recruitment activities picked up from October. As of December 2016, the country recorded an annual growth of 3 percent in its online hiring activity.
"The local Philippine economy has held up relatively well against external storms in 2016 when compared its regional counterparts. This is attributed to the country's sound fundamentals and other strong policies that were put in place, positioning the country as a shining spot for business opportunities and investments, and in turn greatly boosting job opportunities for locals, and the economy on the whole," said Sanjay Modi, Managing Director of Monster.com (APAC and Middle East).
"In 2017, the country can expect to see a lot more spikes in employment activities, particularly at the start of the year where companies are warming up their engines for the new fiscal year ahead and will see a demand for fresh talent to facilitate operations, especially in the Tourism, Manufacturing and BPO sector. On top of that, the government has planned to create at least 1.2 million new jobs each year until 2022 to fully tap into the local untapped workforce, and will likely contribute to hiring numbers in 2017," explained Modi.
MEI is a broad and comprehensive monthly analysis of online job posting activity conducted by online employment solution provider Monster. It is based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets.