Services
Industry AnalysisTo help their company grow in relation to opening up after the pandemic, HR departments in the Services Sector in the Philippines can consider implementing some of the following strategies:
- Digital training programs.
- Mental health initiatives.
- Competitive compensation packages.
The services sector in the Philippines is a major contributor to the country's economy. The gross value added generated from the services industry in the Philippines amounted to approximately 12.24 trillion Philippine pesos in 2022. 1 In the same source, it says Philippines faces several challenges particularly the Business Process Outsourcing (BPO) industry, faces stiff competition in the global market. Contributing to this are regulatory challenges and investment restrictions. Philippines has to balance competing objectives in terms of regulations, reduce unnecessary differences in regulations across economies, and mitigating regulatory externalities. 2 Policy makers and the executive branch can also address access to quality education in rural areas, and resolve the mismatch between graduate skills and labor market expectations. 3
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