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Philippines records 19 percent YoY growth in BFSI and BPO online hiring in January

Adrian M. Reodique | Feb. 27, 2017
BPO and IT, and BFSI are also among the top growth industries in the country.

The Philippines has recorded a 19 percent year-over-year (YoY) growth in online hiring for IT, Telecom/ISP and BPO/ITES, and banking and financial services and insurance (BFSI) industries between January 2016 and 2017, according to the latest Monster Employment Index (MEI).

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

The two industries were also among the top growth sectors in the country. 

Continuing demand for IT professionals

The Philippines has gained a seven percentage point increase in hiring IT, Telecom/ISP and BPO/ITES talents online between January 2016 and 2017, as compared to the 12 percent YoY growth recorded between December 2015 and 2016.

In addition, the Philippines recorded the steepest growth in online hiring software, hardware, and telecom professionals among the three markets included in the index. The country exhibited 25 percent YoY growth between January 2016 and 2017, a 14 percentage point increase from 11 percent in December 2015 and 2016.

"Hiring sentiments remain favourable across the region, as governments inject funding to boost the start-up ecosystem. Digitalisation and automation are leading companies to the next leap of transformation, which is creating demand for very specialised roles such as and have ramped up their recruitment efforts," said Sanjay Modi, Managing Director of online job portal Monster.com in Asia Pacific (APAC) and Middle East, in a press release.

"Despite the demand for IT and Tech roles, there is a shortage in the talent pool for niche roles. Upskilling will be key to meet current market demands which are in search of talent with niche skills and expertise," he added.

A need for hybrid talents in finance sector

The Philippines continue to record the highest activity in online hiring BFSI professionals in Southeast Asia. This can be attributed to the country's robust economic growth and strong domestic demand for these talents, according to MEI.

However, the country saw a one percent dip in online hiring in this area, from 20 percent YoY growth between December 2015 and 2016 to 19 percent YoY growth between January 2016 and 2017.

The Philippines also experienced a one percent decrease in online hiring finance and account professionals, from 4 percent YoY growth between December 2015 and 2016 to 3 percent YoY growth between January 2016 and 2017.

"As businesses take measures to stride ahead of competition under uncertain market conditions, there will be a need for hybrid candidates who can think strategically and provide hands-on support," explained Modi.

"The persistent turbulent economic conditions will also create a demand for professionals in specialised roles such as project management, compliance and regulatory risk management. The rapid infusion of finance and technology will require talent in finance to advance their skills and knowledge in cloud computing & analytics, to stay abreast of new trends and technologies," he added. 

 

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