A robust economic growth and strong domestic demand in the Philippines continue to drive some growth in employment prospects across the BFSI sector, as the country reports a 19% year-on-year growth in online hiring.
According to the Monster Employment Index (MEI), the Philippines continued to record the highest activity in the BFSI industry in Southeast Asia.
The MEI is a monthly assessment of online job hiring. This Index shows industries and occupations with the highest and lowest growth in online recruitment and also includes figures from the BFSI sector.
In the same month, Malaysia reported an 11% growth, recording a sharp improvement from December’s -12%, while Singapore accounted a 2% decline year-on-year.
When looking at individual occupations, Finance & Accounts roles continue to plunge as demand for these professionals has weakened in the last few months.
Malaysia saw the least decline at -5% year-on-year, while Singapore registered an 8% year-on-year dip in the online hiring of these professionals, the sharpest recorded across the three markets.
The Philippines, on the other hand, reported a 3% year-on-year increase in hiring sentiment.
“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,” says Sanjay Modi, Managing Director at Monster.com – APAC and Middle East.
“The persistent turbulent economic conditions will also create a demand for professionals in specialized 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.”