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Philippines – Monster Employment Index shows decline in online recruitment

11 February 2016

The Monster Employment Index (MEI) for the Philippines registered a -36% year-on-year decline in online recruitment activities in December 2015. This is a 10% increase from the -46% reported in November 2015

Among the industries, the BFSI (Banking Financial services and Insurance) industry had the steepest year-over-year growth at 6%, while the Production/Manufacturing, Automotive and Ancillary sector saw the biggest decline at -63%.

Customer Service jobs experienced the highest growth at 6% year-over-year, while Hospitality & Travel fared the worst at -63%.

“Activity in the Philippines is fairing marginally better, as some back office functions have been relocated to cheaper cost locations. We are likely to continue to see this type of offshoring taking place in the region,” Sanjay Modi, Managing Director, Monster.com (India, Middle East, Southeast Asia, Hong Kong), said.

“While there could still be overall growth in the finance sector moving forward, what we have been seeing is a rapid decline of online recruitment in key support functions and investment banking roles,” Modi said. “Tighter regulations and squeezed margins for global banks continues to prompt jobs cuts and retrenchments, particularly in Malaysia and Singapore.”

This Monster Employment Index (MEI) measures online job hiring activity monthly, recording the industries and occupations that show the highest and lowest growth in recruitment activity in the Philippines.