THE PHILIPPINES registered a 9% decline in hiring in August resulting from challenges faced in various sectors, according to talent platform foundit.
“The Philippines exhibits a recovering job market, underscoring the continuous need for learning and growth in alignment with changing hiring trends,” foundit Chief Executive Officer Sekhar Garisa said in a statement.
He added that the results of the foundit Insights Tracker report indicate the critical need for employee re-skilling and upskilling not only for the Philippines but also for Malaysia and Singapore.
In the six months to August, the Philippines was estimated to have recorded a 5% decrease in job demand.
“Despite this decline, the month-on-month uptick of 3% suggests a reviving job market, hinting at the potential for recovery in the near future,” the talent platform said.
The Philippines had the highest job demand growth in retail with 45%, which foundit said was driven by store expansions.
However, the Philippines registered a 35% decline in demand in the logistics industry after a 24% decline in demand for purchasing, logistics, and supply chain professionals.
It posted a 22% decline in hiring in the information technology (IT) and telecommunications/internet service provider industries due to the uncertain global economic conditions.
Growth was flat in the hospitality and business process outsourcing and information IT-services industries, despite a 6% increase in demand for customer service specialists.
Demand for marketing and communications professionals fell 23% year on year, reflecting adjustments in marketing strategy as market dynamics evolve.
The report focuses on the demand for specific skills, available positions, and the salary ranges in the Malaysia, Singapore and the Philippine markets, seeking to identify hiring patterns in the three Asian markets. — Justine Irish D. Tabile