It’s hard to shift to a new career.
One thing to consider when you are opting to shift to a new job in a different industry is to do your research. Researching is not for everyone but it sure helps.
With that, we did our own research to know which industries are gaining prominence in the Philippines. We looked up the country’s Gross Domestic Product (GDP) reports that are released quarterly by the Philippine Statistics Authority (PSA).
The most recent report states that the country’s GDP grew by 6.2 percent in the third quarter of 2019.
According to 2018 estimates, the country’s GDP worth was 330.91 Billion US dollars. The projected GDP worth by the end of the year 2019 is 355.50 Billion US dollars. The GDP report for the last quarter of 2019 isn’t released yet by PSA.
Bigger number means greater investment from global investors. The more investments, the more businesses grow which leads to an increase in job demand.
Based on recent reports, the economic sectors that contributed the most growth are:
- Service Sector (IT/BPO)
The Philippines is an agricultural country.
Starting in 2010, the country went from agriculture to industrial. Some agricultural workers resettled to the industry and services sectors.
Only a few choose to work in this sector because of unfamiliarity. Most agricultural workers are from the provinces. The younger generation prefer to work away from their family farms. Some are hoping to pursue a better career in the cities.
Shortage of agricultural workers has been increasing, but agricultural production is growing.
The government’s investment back in agriculture these past few years paid off. The Philippines became the world’s biggest importer of rice in 2019 and agricultural production grew by 2.87% in the 3rd quarter of 2019 based on PSA’s report.
Starting a career in this sector could be novel. As many have declared, “Agriculture is the backbone of the economy.” Maybe you could start a small agri-business and create your own opportunities.
The Philippines is also one of the manufacturing hubs in Asia.
Global investments increased and Asian countries have generated more jobs on manufacturing operations in the country.
In the third quarter of 2019, manufacturing grew by 2.4 percent. Chemical and chemical products were the top contributors of growth from this sector.
The manufacturing sector is an important sector for long-term employment and innovations. It has a higher employment rate than in agriculture. Vocational graduates are more likely to work in this sector as well.
If the manufacturing sector disappears, many service jobs will also disappear.
In the Manufacturing sector, there are three segments: Consumer Goods, Intermediate Goods, and Capital Goods.
- Consumer Goods
- Food Manufacturers
- Beverage Industries
- Tobacco Manufacturers
- Footwear, Wearing Apparel
- Furniture and fixtures
- Intermediate Goods
- Textile Manufacturers
- Wood and cork products
- Paper and paper products
- Publishing and printing
- Leather and leather products
- Rubber products
- Chemical and chemical products
- Production of Petroleum and Coal
- Non-metallic Mineral production
- Capital Goods
- Basic Metal Industries
- Metal Industries
- Electrical Machinery
- Transport Equipment
Hoping to start a new career in these three segments could be a lot easier than in agriculture. There are many big local and international manufacturing companies in the country. Maybe this is your shot for a better career this year.
Service Sector: IT/BPO
The Service sector played an important role in the country’s economic growth. The IT/BPO sub-sector particularly made an impact. The Philippines has been a BPO service provider worldwide to date.
A recent Labor Market Intelligence Report from Technical Education and Skills Development Authority (TESDA) states that: “The Philippine IT-BPM industry is one of the best performing and employment generating activities in the past for years.”
According to this study,“By 2022, IT-BPM alone is expected to have a compound annual growth rate of 9.2%, or around USD 38.9 billion in total value.”
Here are some of the job opportunities that you might want to pursue in the IT/BPO industry:
- Customer Service Representatives
- Back Office Representatives
- Team Leaders
- IT Analysts
- Software Developers
- Software Engineers
There are plenty of opportunities in this sector and it’s like they’re hiring year-round. This could be your next career. No harm in trying, right?
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So whether you’re looking to start a new career right away or just looking around, these are the three sectors that you should keep an eye on.