Fewer job opportunities were seen available in the third quarter, as businesses have proven less optimistic in expanding their business in the July-to-September period this year.
In the latest Business Expectations Survey (BES) conducted by the central bank, firms across the country said the employment outlook index for the next quarter decreased to 23.8 percent, from the 27.2 percent in the last quarter’s survey.
The index is computed as the percentage of firms optimistic about added employment and expansion plans minus the percentage of firms indicating otherwise.
A lower index means the number of firms wanting to expand and hire more employees in the given period decreased as a result of their perception on particular economic events.
“This indicates that more firms will continue to hire new employees than those that said otherwise, although the number of new hires could decrease compared to the previous quarter’s survey,” the Bangko Sentral ng Pilipinas said.
The local firms’ less optimistic hiring and expansion plans mirrored the outcome of the overall business expectations survey for the next quarter.
For the third quarter, businessmen outlook was less optimistic overall due to forecast interruption of activities during the rainy season, lower consumer demand as households prioritize enrollment expenses and expectations of higher oil prices.
Firms across sectors were less optimistic, except those in the wholesale and retail trade sector that were more upbeat in their hiring intentions.
Also, the percentage of businesses with expansion plans in the industry sector for the third quarter decreased to 30.3 percent, from 31.3 percent a quarter earlier. The outlook was weaker across industry subsectors, except for the manufacturing sub-sector, which recorded steady expansion plans.