foundit (formerly Monster APAC & ME) Asia’s leading jobs and talent platform, has unveiled its latest foundit Insights Tracker (fit) report, showcasing a remarkable 20% annual increase in hiring activity in the Philippines for October 2024. This surge, driven by strategic economic reforms and infrastructure development, highlights the region’s potential for robust economic growth.
The fit report indicates a significant rise in hiring activity, with the index reaching 163 in October 2024, up from 118 in October 2023. This 20% annual increase underscores the robust recruitment momentum in the Philippines.
Additionally, hiring activity saw a 15% month-over-month increase, with the index rising from 142 in September 2024 to 163 in October 2024, reflecting a strengthening job market. Over the past six months, hiring activity surged by 21%, driven by government initiatives focused on infrastructure development and economic reforms aimed at attracting foreign direct investments (FDI).
The Retail sector experienced a 119% year-over-year increase in hiring demand, driven by the e-commerce boom. This surge highlights the growing importance of digital transformation in meeting consumer needs. The logistics, courier, freight, and transportation sectors saw a 78% annual growth, reflecting expanded supply chain operations. The advertising, market research, public relations, media, and entertainment sectors recorded a 70% increase in hiring activity, showcasing the dynamic nature of these fields.
Notably, there was a 127% increase in hiring for sales and business development roles, indicating a strategic shift towards strengthening sales networks. Purchase, logistics, and supply chain roles saw a 103% rise, aligning with the broader industry trend of optimising supply chains. Marketing and Communications roles experienced a 69% increase, driven by a focus on influencer marketing and brand engagement.
The Philippines’ impressive hiring trends signal a strong economic recovery and a significant opportunity for Southeast Asia as a whole. With enhanced infrastructure and increasing foreign investments, particularly in the retail sector, the Philippines is setting an example for neighbouring countries to emulate.
Foreign investments are driving job creation in key industries such as retail, logistics, and media. In retail, companies are establishing new distribution hubs and retail outlets that connect Southeast Asian regions, strengthening cross-border trade and economic ties. This creates a ripple effect, fostering regional collaboration and encouraging countries like Malaysia to leverage similar growth opportunities in their retail sectors.
By sharing resources and adopting best practices, Southeast Asian nations can enhance economic resilience, promote a more integrated job market, and collectively unlock growth across the region.
