The Philippine economy has been overcoming economic fallback both locally and internationally. This occurrence proves that the Philippines’ economy is booming, with a growing demand in labor and increase in compensation. In this regard, the possibility of an influx of potential investment and opportunities for growing markets and industries is not impossible to happen. With healthy and sustainable economic growth, coupled with strong consumer purchasing power, the Philippines is becoming an increasingly attractive prospect for several markets. However, these investments may focus on the industries and sectors that show potential development and growth. These industries can also become a focal point for Executive Search companies to establish a wide array of recruitment opportunities and possible partnerships. Listed are industries that are expected to grow and develop.
- CONSTRUCTION INDUSTRY. This sector is expected to sustain growth and development in the country. Both public and private sector construction activities have shown to be very active. If the industry continues to sustain its growth, forecasts for the infrastructure industry to provide profit will be observed and experienced. However, the growth of this industry works side by side the local government due to having several projects lined up and creating possibilities for various partnerships with different construction companies. On the other hand, the private sector also experiences a boost in the industry being a private company alone.
- AUTOMOTIVE INDUSTRY. This industry has not really experienced struggle in the market because of the demand for it although it has shown potential to grow bigger and provide a sustainable market. If the automotive industry continues to show a relatively great development, forecasted growth would also entail the increase in sales and profit for this specific industry. Accompanied by this growth reflects the number of Filipinos who can afford to buy new cars and the developing economy of the country. This growth is also supported by the introduction of new models and motor vehicles by major automotive firms.
- MANUFACTURING INDUSTRY. Growth is now experienced in the manufacturing sector since it started strongly in its production of chemical products and manufacturing food. It is expected to grow more strongly and exponentially if the demand also increases, which is forecasted to do so. Consumer goods, mainly food manufactures, still contribute highly to this success and growth. Intermediate goods like chemical products and petroleum reflect a rather slow improvement due to the decline in its demand globally. However, this does not affect the industry here in the country where local production still takes place. With this market showing great potential, companies should remain vigilant as there are several risks that can hinder the growth and development.
- REAL ESTATE INDUSTRY. It has presumed to be an exciting development for the property sector as real estate developments as it shifts its focus on catering to specific needs. The only challenge that can hinder growth are factors such as the over-supply of past property investments and developments that have occurred in the market over the past few years. As the demand for workers increase in a specific area, most likely in the central business districts, the demand for shelter and a place to stay also increases which paves way to the growing sector of real estate and property. Developers have also found a way to device homes that have lesser amenities which entail it to be more practical and affordable. Forecasts for the growth for this sector are steady and continuous. This also means that development and growth is experienced long-term.
- IT AND BUSINESS PROCESS MANAGEMENT INDUSTRY. Despite being tackled a few many times, this industry is still set to be a growing sector in the country. It remains to be the largest and fastest-growing industry based on revenues alone. The demand for the services that this sector has to offer is not only needed locally but also in the international market as well. Several partnerships and collaborations have been laid to further the growth of the IT-BPM Industry.
- BANKING INDUSTRY. The Banking Industry has also been forecasted to grow and develop over the coming years. Although it is expected to grow at a steady pace, it has shown great potential with its capability to generate great income and revenue. Also, banks have shown potential for business both local and abroad. Given that the government has revised certain rules for banking and investing in the country, giving power to international banks to do business in the local region. Through this step, growth can be achieved for this sector.
These sectors have shown potential in growing exponentially and help sustain the economic development of the country. As these industries open new horizons and businesses and opportunities to many people, it is also in the hands of the people to create and develop these sustainable markets to achieve forecasted growth and development.
Harper & Hill Executive Search have studied these industries and have determined several recruitment strategies that will equal to positive results. We have devised several ways of forming partnerships in these industries to provide quality talent and highly-functioning workers. Our firm have established a foundation where expected results are delivered regardless of changes in the forecasted development in these industries. This is because our firm is able to build capabilities by sharing best practices, having innovative solutions, and being able to manage partnerships to achieve success.
Harper & Hill Marketing and Communications Team
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