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Philippines
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Philippines
The Philippines, with a GDP of $437 billion, ranks as the 33rd largest economy globally. Key industries include semiconductors and electronics, business process outsourcing, and food and beverage manufacturing. With a low unemployment rate of 2.2%, the country boasts a stable labor market. Despite a significant gender gap in labor participation, there are numerous recruitment agencies, indicating a growing, adaptable talent sourcing market.
Philippines'S
AGENCY LANDSCAPE
1.1K
Agencies operating in Philippines
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
14-18%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Philippines'S
FEATURED AGENCIES
Bershaw Consultancy
99Owls Consultancy
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Philippines'S
GROSS DOMESTIC PRODUCT (GDP) RATING
33
WORLD RANKED
Philippines ranks 33rd in the world by current economic output
$437B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
10
APAC RANKED
Philippines is the 10th biggest GDP in APAC out of 41 countries in the region
GDP GROWTH (%)
The above chart compares how Philippines's GDP has grown, compared to the rest of the world and the APAC region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Philippines'S
CURRENCY AND CODE
₱
Country currency
PHL
Country ISO code
Philippines'S
INFLATION RATE
3.6%
CURRENT RATE
▼2.4% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Philippines'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Philippines'S
LABOUR STATISTICS
101M
POPULATION
With a population of 100,981,437, Philippines is a medium sized country by global standards. Philippines's youth population is just above the world average, indicating a moderate influx of young people will enter the labor market. The working population in Philippines is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Philippines's elderly population is close to the world average, suggesting a manageable dependency ratio, where the working-age population can effectively support the elderly.
Philippines'S
RELIGION AND ETHNICITY
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Ethnicity
In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.
Philippines'S
UNEMPLOYMENT RATE
2.2%
CURRENT PERCENTAGE
▼0.36% REDUCTION
Philippines's unemployment rate is low, suggesting either a booming economy or reliance on foreign labour. Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
Philippines'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
BDO Unibank
SM Investments
Ayala Corporation
Top industries
Semiconductors and electronics assembly
Business process outsourcing
Food and beverage manufacturing
Philippines'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
73
/
47
Male | Female
In Philippines there is a large gap in participation rates between males and females, indicating significant structural or cultural barriers preventing more equal gender parity.
Philippines'S
WORKING LIFE
18DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Standard work hours are 8 per day, 40 weekly, Monday-Friday. Overtime must be paid: 125% on workdays, 130% on holidays; it's not covered by salary.
Philippines'S
TOP BENEFITS
105DAYS
Maternity leave
Maternity: 105 days paid leave, plus 15 if a solo parent, 14 pre-birth. 100% salary from Social Security. Optional 30 days unpaid. Paternity: 7 days paid leave post-birth, employer pays. No formal parental leave.
0DAYS
Sick leave
In the Philippines, sick leave isn't separate from PTO. Employees use Deel to report sick days. If PTO is exhausted, further sick leave is unpaid but may be partly covered by SSS's sickness Benefit.
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