Philippines sound economic infrastructure is driving the demand for banking and finance professionals in the country.
This is according the latest Monster Employment Index (MEI), a monthly analysis of online hiring activities of employers in the Philippines, Singapore and Malaysia.
Online hiring in Banking, Financial services, and Insurance (BFSI) sector in the Philippines remained positive, with 14 percent year-over-year (YoY) growth between August 2015 and 2016.
Meanwhile, Singapore and Malaysia continued to register negative growth in online recruitment activity for this sector, with -5 percent YoY and -13 percent YoY respectively. The BFSI sector is also included in the lowest growth industries for both countries.
Despite this, the pace of decline for online hiring in BFSI sector in Southeast Asian markets continues to slow down, according to Sanjay Modi, Managing Director of online job portal Monster.com in Asia Pacific and Middle East.
"Financial services continue to evolve and are facing new disruptions on the daily. To stay viable, businesses need to look for means to operate more effectively, especially during this time of poor economic climate. But instead of trimming the workforce, employers have also been strategically outsourcing their services to other markets, such as India, in a bid to reduce cost and to raise efficiency," said Modi in a press release.
"The Philippines' job market continues to perform well, and this means an overall growth in hiring across all sectors, including the BFSI sector. The growth in hiring is likely to sustain itself as investments continue to pour in, contributing to the economy," he continued.
For finance and account roles, Philippines once again is the only market to record positive growth in online hiring these professionals, with three percent YoY between August 2015 and 2016.
Singapore and Malaysia saw an annual decline in online recruitment activity for these roles, with -8 percent YoY growth and -11 percent YoY growth respectively.
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