More companies are planning to expand their operations and hire more workers on hopes the economy will eventually reopen and recover from the pandemic-induced recession, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP).

The result of the latest Business Expectation Survey (BES) showed that the percentage of businesses in the industry sector with expansion plans for the second quarter rose to 20.6 percent from the previous quarter’s 16.9 percent. The employment outlook index also increased to 5.7 percent for the second quarter from 5.3 percent in the first quarter and significantly higher for the next 12 months to 11.7 percent from 7.8 percent. The percentage of businesses in the industry sector with expansion plans for the second quarter rose to 20.6 percent from the previous quarter’s 16.9 percent.

Based on the latest result of the Labor Force Survey of the Philippine Statistics Authority (PSA), the country’s unemployment rate increased to 8.8 percent in February from 8.7 percent in January, but has improved significantly from the record 17.7 percent during the height of the lockdown in April last year.

Source: Philippine Star 10 April 2021

https://www.philstar.com/business/2021/04/10/2090032/more-firms-expanding-hiring-q2