The Philippines climbed 11 spots to 56th place in the global ranking of desired work destinations, according to the Decoding Global Talent 2024 study released by Jobstreet by SEEK, Boston Consulting Group and the Network.
The improvement was driven by perceptions of the country’s welcoming culture, high quality of life, affordable cost of living and promising job opportunities, according to the study.
It says while the upward trend is encouraging, challenges remain as the Philippines still lags behind top global countries and some of its Southeast Asian neighbors.
Interest in working in the Philippines is growing among foreign talent, particularly from Malaysia, Singapore, Indonesia, the US and Canada.
It says, however, 80 percent of Filipino professionals are also considering relocating abroad for work, primarily motivated by financial incentives, career advancement opportunities and the promise of better social systems.
This figure, though declining from previous years, remains notably higher than the Southeast Asian average of 68 percent.
Filipino professionals across a wide range of skill levels are seeking overseas work, not limited to but including craft and manual labor, engineering, research and service industries.
A concerning trend is that 35 percent of Filipinos prefer long-term overseas work without plans to return, raising alarms about potential brain drain in the country.
The study also reveals a global increase in willingness to work remotely for foreign employers at 66 percent, with Filipino professionals showing an even greater eagerness at 84 percent.
The trend towards remote work presents both challenges and opportunities for Filipino employers, who should adapt to attract and retain talent in an increasingly competitive global job market.
“We encourage Filipino employers to develop a global talent strategy, as we may experience talent shortages in the future considering the number of Filipino jobseekers willing to work abroad. They can start by providing better compensation or benefits and better career opportunities as these are the main reasons people seek work abroad. Alternatively, Filipino employers can also consider attracting the working population from other countries,” said JobStreet by SEEK Philippines managing director Dannah Majarocon.
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