Global recruitment company Michael Page opened an office in Manila—its sixth in Southeast Asia, saying it is bullish on the potential of Filipino talent.
“Looking at industries in the Philippines with high growth potential in the next few years, it is clear why the economy is well-poised for recovery,” said Olly Riches, board director at Michael Page South East Asia.
According to him, manufacturing, including supply chain and 3PL [third-party logistics] is a major growth area, and the consumer market, amid the lockdown and other challenges, has remained robust, including retail, food and beverages, and fast-moving consumer goods.
“While many companies already have back office operations in the Philippines, we want to build upon the enormous potential beyond that. With the office opening, we aim to foster long-term partnerships on the ground, and nurture the best talent here to build on the local opportunities that exist,” he said.
With a young population learning to be entrepreneurs—average of 24.4 years old—the company noted that local technology and digital industries are well-positioned to generate employment opportunities for the upcoming generation of working professionals.
“There is interest in doing business in the Philippines due to the very strong talent here. We produce a lot of technical experts, such as engineers and healthcare professionals, among other skilled professionals. As a result, more MNCs [multinationals] are being drawn to investments and local conglomerates are tapping into expansion opportunities within the country for years to come,” said Carla Lastimosa, director of Michael Page Philippines.
“We are seeing more overseas Filipino professionals returning home to the Philippines to continue building their careers. This has created increased confidence in local employers of a healthy rebound for the economy,” she added.
Given this trend and leveraging on their company’s global network, Lastimosa said that they have also contributed their local knowledge by attracting top talent and investment back to the Philippines.
The Philippines is considered one of the 5 high-growth regions in Southeast Asia. Based on estimates of the International Monetary Fund, the country’s GDP growth rate reached 5.9 percent in 2019.
“In 2020, as in many countries, that growth has slowed down. Covid-19 and the stringent lockdown have had a real effect on the economy in the first half of the year. However, the Philippines has the ability to bounce back,” said British Ambassador Daniel Pruce.