BSP still bullish on employment prospects in Phl

MANILA, Philippines - More jobs are expected to be made available in the second quarter as local firms continue to expand, a Bangko Sentral ng Pilipinas survey showed.

“Consistent with expectations of sustained growth of the economy, the employment outlook index for the quarter increased to 25.6 percent from 24.1 percent last quarter,” the central bank said.

“This indicated expectations of an overall increase in the number of new employees to be hired for the second quarter of the year,” the BSP explained.

The latest Business Expectations Survey showed construction companies were the most upbeat in their hiring intentions for the second quarter, followed by industry firms and those involved in wholesale and retail trade.

The upbeat employment outlook came as the number of local firms with expansion plans increased, based on the survey.

“About one in every three respondent firms in the industry sector indicated expansion plans for the second quarter of 2015,” the BSP said.

“Among sub-sectors, agriculture, fishery and forestry recorded stronger expansion plans while those of manufacturing were steady from a quarter ago,” the central bank added.

The BSP last week reported the business confidence index slid to 45.2 percent in the first quarter from 48.3 percent in the fourth quarter last year. 

This was amid the seasonal slowdown in activity following the holiday season in the fourth quarter and concerns regarding the effects of the typhoons that hit the country late last year.

The sentiment for the second quarter, however, was seen at 58.2 percent due to the second harvest season and an expected influx of tourists during the summer.