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Online hiring in the Philippines’ BFSI sector increases

Adrian M. Reodique | Dec. 1, 2015
Philippines posted a 25 percent year-over-year growth, according to the Monster Employment Index.

Online recruitment in Banking, Financial services and Insurance (BFSI) industry in the Philippines recorded a 25 percent year-over-year growth in October 2015, according to the data from Monster Employment Index (MEI).

MEI is a monthly analysis of online job hiring activity of employers in the Philippines, Singapore and Malaysia.

Sanjay Modi, Managing Director of online job portal Monster.com (India, Middle East, Southeast Asia, Hong Kong) said: "The Philippines has held up well during the overall economic slowdown in the region, and this is largely backed by the continued strong foreign investments coming through, and growing remittances within the economy, setting the sector up for new hires."

By comparison, Singapore and Malaysia exhibited negative year-over-year growth for the month of October with -2 percent and -4 percent, respectively.

Modi explained: "Recovery in Singapore and Malaysia remains sluggish as leaders in both markets continue to find the best solution around the slow economic growth, and as many financial institutions announce layoffs and retrenchments." However, he said that the number will improve in the coming months as China is looking to strengthen its ties with the two countries.

The BFSI sector also remains to be one of top growth industries across the three countries.

On Finance and Account roles, the three countries showed negative annual growth for online recruitment. Philippines posted -3 percent, while Singapore and Malaysia got -8 percent and -11 percent, respectively.

 

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