Online hiring in IT, Telecom/ISP and BPO/ITES sector in the Philippines has declined to -4 percent year-over-year growth for October 2015, according to the latest Monster Employment Index (MEI).
This is a drop of 7 percentage point from the 3 percent year-on-year growth in September.
"The sharp drop in Philippines' demand for IT professionals came as a surprise given the sector's positive outlook at the start of Q4. This could be partly attributed to the regulatory strictures implemented by the government and the pressure to reduce cost, driving the sector to outsource its competencies," commented Sanjay Modi, Managing Director of online job portal Monster.com (India, Middle East, Southeast Asia, Hong Kong).
Despite the decrease, the IT, Telecom/ISP and BPO/ITES sector remains one of the top growth industries in the Philippines.
Singapore and Malaysia have also seen a dip in online hiring for the BPO and IT sector, with -4 percent and -19 percent year-on-year growth respectively.
"With the global market set to remain volatile through 2016, companies and recruiters in Singapore and Malaysia are forced to exercise greater caution when it comes to hiring. Firms have also been reported to have stopped hiring and cutting back on jobs," said Modi.
The three countries also showed negative growth in online hiring in the Software, Hardware, and Telecom sector. Malaysia had the steepest decline from -35 percent year-on-year growth in September 2015 to -53 percent in October 2015. Meanwhile, the Philippines and Singapore reported a -27 percent and -12 percent year-on-year growth in online hiring for that sector respectively.
MEI is a monthly analysis of online hiring activities of employers in the Philippines, Singapore, and Malaysia.
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