Businesses upbeat, to hire more in Q3

By Julito G. Rada

BUSINESSES are keen to hire more workers in the third quarter on expectations of higher demand for goods and services in the latter part of the year.

Results of the latest Business Expectations Survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed that the employment outlook index increased to 17.9 percent for Q3 2023 from 13.4 percent in the Q1 2023 survey results.

“The higher reading in Q2 2023 suggests that hiring intentions may be more favorable for the next quarter,” the BSP said.

In contrast, employment prospects for the next 12 months may turn less favorable as the employment outlook index declined to 30 percent from 36.4 percent in the previous quarter’s survey results.

For Q3 2023, the percentage of businesses in the industry sector with expansion plans increased to 19.8 percent, up slightly from 19.1 percent in Q1 2023. In particular, the increase in the percentage of firms with expansion

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