Firms plan to hire more amid less upbeat expansion outlook — survey

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THE percentage of Philippine companies with plans to hire more workers improved in the third quarter of the year amid their less upbeat expansion outlook, results of the latest central bank Business Expectation Survey (BES) showed.

Although the statement by the Bangko Sentral ng Pilipinas on the survey gave no specific figure for the number of such companies, it said the confidence index (CI) of companies with expansion plans slipped to 32.8 percent in the latest survey from 34.6 percent in the second quarter.

The CI is calculated as the net of percentage of companies that answered in the affirmative and the percentage of firms that answered in the negative with respect to their views on a given indicator.

“Among sub-sectors, agriculture, fishery and forestry, and mining and quarrying recorded stronger expansion plans while those of manufacturing, and electricity, gas, and water were slightly lower from a quarter ago,” the statement said.


Meanwhile, contrary to the decline in the overall expansion plans, the employment outlook for the third quarter improved to 27.3 percent from 24.7 percent.

The survey pointed out that employment outlook index for the next quarter improved due largely to the more positive sentiment of the services and wholesale and retail sectors offsetting the less optimistic outlook of the industry and construction sectors.

“This suggests that more firms will continue to hire new employees than those that indicated otherwise,” it said.

The expansion and employment outlooks are consistent with the less optimistic business outlook for the third quarter of 2017 but more positive sentiment for the quarter ahead. MAYVELIN U. CARABALLO

 

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