Banking and Finance Sectors Hiring in the Philippines

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Banking and Finance Sectors Hiring in the Philippines

For those in the finance and banking sectors in the Philippines, there is a lot to smile about as the number of opportunities in this field is going high by the day. According to the Monster Employment Index (MEI), the e-recruitment in the Philippines has gone up by 14 percentage points year on year from 2015 August to 2016 August. When compared to Malaysia and Singapore which are the two other economies rated by this index, the growth recorded by the Philippines is the highest. E-recruitment is the hiring of people through online platforms which connect employers with job seekers. Basically, the e-recruitment process is the meeting point of those with the jobs and those with matching skills. Given the high number of online job platforms, the Employment Index is a complex index which focuses on actual hiring and not simply connection between employers and employees.

1. Reasons for Growth

The main reason why the banking and finance sectors are getting higher numbers of opportunities than the rest is because the whole economy has benefited immensely from the developments realized owing to the growing service and manufacturing sectors in the country. When the economy grows, there is an increase in the number of financial transactions that will take place. The Philippines has been one of the fastest growing economies in the recent past. The fastest growing sector has been the business processing outsourcing for which a lot international transactions have taken place to this day. Most of the transactions involve a high amount of money crossing borders given that the companies outsourcing their services to the Philippines mainly come from the United States. For this reason, many firms are coming to the Philippines with their business thus making the banking and finance industries good places for business.

The other reason why there is an increase in the number of people working in the banking and finance sectors is the increasing number of employees in the economy. The unemployment levels in the Philippines keep going down with as many as a million jobs being created by the industries in this economy. All the people being hired have to carry out transactions using local banks thus the need for better banking and finance services. Fueled by the fast growth in the service and manufacturing sectors, this county has seen to a lot of positive changes.

2. Better Prospects

The Philippines did not as much suffer like the rest of her Asian neighbors in the economic downturn of the year 2008. In the economic depression, the economies that were hurt the most were the ones heavily invested in financial instruments. This was because most currencies received a beating in terms of the values of their currencies. In this same period, however, the Philippines was but undergoing a transition from an economy reliant on agriculture to one which invested in manufacturing and the services. Unlike other economies which kept on going down with the rest of the world, the Philippines was recording impressive figures in many areas of the economy. In fact, her rate of unemployment has been falling consistently from 2004 with the year 2010 recording a low of 7.3% unemployment. Such a rate of unemployment is among the lowest in the world thus a promise of better prospects in the future.

3. Open Job Market

Although the Philippines tends to give priority to its local pool of talent, there are workers who come to this country from abroad in search of jobs. A large number of the expats to this country come here with jobs which have already been lined up for them by certain companies. It is easier to use this method given that the company hiring the talent will take care of the expat’s visa and other issues in the immigration process. Without this approach, it may get a bit complex getting into the Philippines and finding a job. First, priority is given to the local Filipinos who have the needed skills for the available jobs. Secondly, most of the jobs available in this country can be filled with locally available skills thus coming from abroad and trying to secure a job may get difficult. Third, unless the expat has an exceptional skill level that most Filipinos do not have, you would not fare on well in this country.

4. Better Salaries

As the Philippines' economy grows so do the remuneration levels in this country grow to match up. Compared to the periods in the past, the average Philippine worker is earning much more than they used to. The growth in their salaries and the size of the economy has been due to the increase in the manufacturing and services industries both of which have realized great levels of growth for the past several years. First of all, business process outsourcing (BPO) has seen the country become the second position all over the world only beaten by India. As far as the call centers are concerned, the Philippines has already taken the first position in the world. The only negative aspect about this issue is that those employed in call center support systems, Information Technology professionals, and tech support workers are still earning less than their counterparts working in USA, Europe, Australia and Canada. However, the jobs are still among the highest paying thus no reason for concern.

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