The events happening in the Employment Market in Asia

The March Bank Crisis and Its Potential Global Employment Impact

The recent bank crises in the US and Europe are rippling worldwide. Asia, however, seems to be charting a different course, especially since the 2008 Lehman Brothers collapse. Many Asian countries have diversified their investments to avoid a similar fate. Still, Asia’s markets will undoubtedly feel the repercussions. Let’s explore the employment scenario across Asia.

Singapore Surpasses Hong Kong in the Global Financial Centres Index

Singapore has now edged past Hong Kong to claim the third spot in the Global Financial Centres Index. According to an analysis by Z/Yen in London and the China Development Institute (CDI) in Shenzhen, five Asian cities rank in the top 10. These are, in order of ranking: Singapore, Hong Kong, Shanghai, Beijing, and Shenzhen.

Implications for Asia

This shift bodes well for Asia’s employment landscape, with over five Asian cities ranking in the top 20. Additionally, Singapore’s collaborative efforts with Malaysia, Thailand, the Philippines, and Indonesia to develop a regional payment system might spur further job opportunities.

Employment Landscape in the Philippines

The World Bank advocates for measures to rejuvenate the Philippines’ job market, severely affected by the COVID-19 pandemic. Proposed strategies include enhancing digital infrastructure access, promoting upskilling programs, revising labor market regulations, and bolstering support for micro to medium-sized enterprises. Implementing these measures could potentially aid the Philippines in recovering from the pandemic’s economic aftermath, generating more job opportunities.

7.1% growth in Q1 of 2023 for the Philippines Economy

Other noteworthy updates include:

Duty Free Philippines (DFP) plans to lay off over 700 employees due to plummeting sales amidst the COVID-19 pandemic.
Filipino labor groups are advocating for wage increases in light of the escalating cost of living.
The Philippines witnessed a 4.8% unemployment spike in January.
Almost 4,600 Manila residents, encompassing senior citizens and persons with disabilities, have secured jobs via the city’s Public Employment Service Office (PESO).

A Nexford University report highlighted the following in-demand roles in the Philippines:

1. Project Manager

2. Warehouse & Logistics

3. Software Developer

4. Healthcare

5. Recruitment

6. Digital Marketing

Strategies for Boosting Employability in the Philippines

There’s mounting concern among professionals regarding AI-driven market saturation. Embracing AI and leveraging its efficiency is pivotal. The sooner you integrate AI into your professional toolkit, the more valuable your skills become.

Concurrently, the demand for manual labor in the Philippines is on the ascent. If that piques your interest, it might be worth exploring opportunities in that domain. Ultimately, recognizing and aligning with the evolving employment trends in the Philippines is paramount.