The role of financial intermediation in the economy continues to expand and this bodes well for increasing employment in the banking and financial sector in the next few years.
This is the message of Labor and Employment Secretary Rosalinda Dimapilis-Baldoz at the 2nd DOLE Kapihan at Balitaan for 2015, held at the Midas Hotel last Friday, where she encouraged high school students going to college to take courses related to banking and finance because banking and finance jobs are in-demand.
“As the Philippine economy grows, the foreseen increase in the number of business establishments in the country will require more workers with skills to set up books, prepare taxes and payrolls, and provide financial analysis and advice,” Baldoz said.
She added that the increase in private sector investments, growth in the high-rise condominium estates, and continued rise in remittances from abroad will continue to induce the demand for financial services and, consequently, encourage banks and other financial intermediaries to expand operations and hire more workers.
According to the Philippine Statistics Authority, financial intermediation services accounted for roughly 14.5 percent of the entire country’s service sector, and 8 percent of the country’s gross domestic product.
Substantiating this is the report of the Bangko Sentral ng Pilipinas in the first quarter of 2015 showing there are already 28,701 financial establishments in the Philippines. Of the number, 10,020 establishments are classified as banks, and 18,051, as non-banks.
“The need for future professionals in the banking and finance industry could not be underestimated,” Baldoz said, citing the PSA’s 2014 Labor Statistics Updates on Hot Jobs which revealed an average of 4,842 quarterly job vacancies in the financial and insurance activities sector, and an average of 491,000 employed per quarter.
She cited further that the Phil-Job.Net, the government’s job matching and labor market information portal, boasted a total of 11,465 job vacancies across 896 registered establishments in the portal in the first six months of the year alone.
Based on the report of the Professional Regulations Commission, the number of certified public accountants who are major professionals in the industry have totaled to 157,895 in 2014.
For 2010 to 2014, the Technical Education and Skills Development Authority recorded a total of 49,530 assessed and 29,759 certified workers for Bookkeeping National Certificate III; and a total 232 assessed and 214 certified workers for Microfinance Technology National Certificate II.
As for future entrants to the sector, the Commission on Higher Education recorded a total of 1.01 million enrolments and 199,000 graduates in business administration and related disciplines for the school year of 2014-2015.
“The active participation of the private sector, as part of their human resource development and corporate social responsibility agenda, is of key importance to reach our objectives,” Baldoz said.
“We are happy to be partnering with the Philippine Deposit Insurance Corporation and Insular Life in furthering these advocacies,” Baldoz said, emphasizing that public-private partnership is at the core of DOLE initiatives and reforms.
Jose Villaret, Jr., Vice-President, Corporate Affairs Group of PDIC; and Jose Alfonso Hofilena, Senior Executive Vice-President, Sales and Marketing Group of Insular Life, were the resource persons at the DOLE Kapihan at Balitaan. Both discussed employment trends in and updates on the banking and finance industry, as well as financial literacy.
“I appreciate our partners for being present in our dialogue and other activities, such as this media forum which is aimed at developing policies and programs, as well as improving existing ones, to make the Philippine labor market competitive and productive,” she added.
Other DOLE officials who graced the event are Undersecretary Reydeluz Conferido, Assistant Secretary Katherine Brimon, Bureau of Local Employment Director Dominique Tutay, and Labor Communications Office Director Nicon Fameronag.
The quarterly-held DOLE Kapihan at Balitaan is the department’s avenue to exchange views, solicit feedback, and update the people, through the media, on recent industry developments and issues in the world of work.