Businesses increase hiring as economy reopens in the Philippines

The employment outlook index is 24.5% for the first quarter of next year compared to the previous quarter’s 6.2%.
By: | December 22, 2021

This comes as the economy continues to reopen and strict mobility restrictions are relaxed, said Bangko Sentral ng Pilipinas (BSP), the country’s central bank.

“For the first quarter of 2022, the employment outlook is more optimistic, and more firms plan to expand operations,” said BSP senior director Redentor Paolo Alegre, citing the results of the fourth quarter 2021 Business Expectations Survey (BES).

For the next 12 months, the employment outlook index is even higher at 32.4%.

“The higher positive readings suggest that firms are looking forward to hiring more people for the first quarter of 2022 and the next 12 months,” Alegre said.

READ: Concern over 7 million unemployed workers in the Philippines

With the reopening of the economy, companies severely affected by the pandemic are now pursuing expansion plans as 23.2% of the respondents have said they would beef up their operations in the first quarter of next year, higher than the previous quarter’s 9.6%, Alegre said.

The survey, conducted from October 8 to November 18, covered 1,511 companies, according to Philstar Global.