Press Releases

Digitalization initiatives to drive financial services and employment opportunities in the PH

April 12, 2024

ECCP Online

Press Releases

Makati City, Philippines – The release of latest data from international recruitment experts Michael Page Philippines, shows that in the last 12 months, the highest number of successful job placements by the firm is in Financial Services (30%), followed by Retail (17%) and FMCG (13%).

This was shared during a forum co-organized with the European Chamber of Commerce of the Philippines (ECCP) and Michael Page Philippines. The session presented findings on hiring ease, industries leading in job generation, interview candidate success, and key hiring metrics. These results were based on analysing thousands of job applications, candidates, and interviews hosted on the Michael Page Philippines’ proprietary database.

“We are witnessing an exceptional period of growth and transformation in the Philippine financial services sector, which includes traditional banks and remittance businesses. This has led to a marked increase in job creation, accounting for 30% of new employment opportunities in the country,” said Albert Pérez, Regional Director & Country Head of Michael Page Philippines.

Albert Perez explains, “The Bangko Sentral ng Pilipinas (BSP) has been actively promoting digitalisation in the financial sector. This can be evidenced by initiatives such as the National Strategy for Financial Inclusion and the Digital Payments Transformation Roadmap 2020-2023, which aims to convert 50% of total retail payment transactions into digital form and expand financial inclusion to 70% of Filipino adults by 2023. These initiatives indicate a significant transformation and growth in the financial services sector.”

Challenges And Opportunities In The Year Ahead                       

The job applicant distribution shows a clear preference for the technology and telecoms sector, leading with 22%, indicative of its dynamic appeal and growth potential. Business services follow at 16%, reflecting its broad market relevance, while FMCG and industrial/manufacturing sectors each attract 14% of applicants, highlighting their economic stability and essential nature. Retail, at 12%, shows significant interest, likely due to its diverse job opportunities and career progression paths.

“This overview not only sheds light on the most attractive industries in the Philippines but also indicates where we are observing the highest employment demand, guiding job seekers to sectors with opportunities,” explained Carla Lastimosa, Partner at Page Executive Philippines.

"As for roles that are harder to fill, certain industries would require a longer employment process, which is due to external factors such as talent scarcity, work preferences, location of work and specific industries such as Technology calling for coding tests."

Gender disparities also exist in certain job disciplines. Based on data in the last 12 months, female professionals have been most placed by Michael Page Philippines in corporate roles, namely secretarial and business support (80%), marketing and agency (67%), procurement and supply chain (65%), retail (63%), and in human resources and legal positions (59%).

Meanwhile, male recruits are hired more for jobs in the IT, technology, and manufacturing industry, with high-level positions still being skewed towards the male job applicants. Carla Lastimosa notes that this presents an opportunity to recognise transferable skills across the entire workforce bridging the gender gap across all sectors.

This scenario in the Philippines offers a call to champion diversity, encouraging women to explore and excel in IT, technology, and manufacturing - paving the way for a balanced and diverse workforce in the Philippines.

Michael Page Philippines Salary Guide 2024

A preview of salary levels in 2024 was also released at the shared forum. According to the Salary Guide, data in 2024 indicates a notable upward trend in compensation within key sectors, reflecting the value and demand for specialized roles in the evolving job market.

In the Financial Services sector, the substantial salaries—up to PHP7 million for finance directors and PHP3.4 million for senior finance managers indicates the industry's growth and the premium placed on financial leadership and expertise. Meanwhile, the FMCG and retail sector also shows competitive remuneration, with manufacturing heads earning up to PHP3.8 million and marketing managers up to PHP2 million, highlighting the critical role these positions play in driving sector performance and growth.

This salary guide serves as a benchmark in the Philippines for understanding the financial compensation in various professional sectors as well as the economic drivers of these industries.

On the methodology, Michael Page Philippines explains that these numbers are influenced by the size of the company or organisation, the location, and by the state of the economy and industry that one is in.

The Philippines 2024 Hiring Trends and Salary Outlook forum was organised by the ECCP and Michael Page Philippines on February 27, 2024. The Michael Page Philippines Salary Guide 2024 will be made available on the Michael Page website.

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