Domestic employers across the country are adjusting to the tight situation, mostly by cutting operational costs and reducing hiring activities. Some have even resorted to more drastic measures such as implementing retrenchment or redundancy programs.
But though job-hunting is definitely harder than it used to be, there are bright spots in the employment picture. In fact, the Department of Trade and Industry (DTI) is hopeful that 2003 will mark the "end of the tunnel" and signal the stirrings of a reinvigorated economy.
And indeed, not all industries have suffered; some have even thrived in these uncertain times. Of three major industries, services has posted the strongest growth. And expect this to continue, as the industry is projected to grow at an average rate of 5 to 5.5 % for the period 2001-2004.
Agriculture is also doing well, with a projected average growth rate of 2.8 to 3.3 % in 2001-2004. But industry, which contracted with a recorded loss of 7,000 workers in July 2002, is seen to continue to face stiff competition from local and overseas rivals because of the current trend toward liberalization and globalization. Nonetheless, it is forecast to chart an average growth rate of 5.4 to 5.9 % in 2001-2004.
This DTI numbers show a shift in development efforts to the "green field" of services and, possibly, of agriculture. "Manufacturing is important but we're also conscious of job generation and of services that provide more jobs per dollar investment," said Trade Secretary Manuel Roxas II. "Comparatively, a big project in manufacturing involves automated operations that translate to few jobs, while services sector is more labor dependent and thus creates more opportunities."
As for agriculture, the sector also has a big potential for generating jobs. It is seen to benefit from the Agriculture Fisheries Modernization Act and state efforts to rehabilitate irrigation facilities and to irrigate new areas.
Meantime there are great attempts to search for new employment opportunities and information and communication technology (ICT) sector is the prime target of government’s development efforts. This sector is favored because it provides high-quality jobs, particularly in call centers, and opens up opportunities for further growth in the IT sector.
And what does it all mean to career searchers? It means you have to be realistic in your expectations about the job market. Make no mistake about it: Competition will be stiff as more candidates vie for fewer jobs. It also means you have to take a more serious approach to the job search. It would also be good to know where the job leads are emerging and where dead ends await.