Salary Guide 2023: Employment Trends in the Philippines
What makes a fulfilling career? For Filipinos, financial compensation remains a top priority.
As jobseekers become more educated and skilled, they expect to be compensated accordingly. The cost of living in the Philippines is also increasing, and employees need a salary that sustains their needs.
Amid this landscape, employers face an increasingly competitive workforce. As such, you must stay on top of salary trends to create a promising offer for top talent. Dive into the JobStreet Philippines Salary Guide 2023, which lets you in on the overall salary landscape in the Philippines. Here’s what you should know.
Key trends in the Philippines’ job market
1. Salaries in the Philippines remain largely stable.
With minimal year-on-year fluctuations, Filipino talent can predict their median salary more accurately. The stability of wages is also good news for employers, who can more easily estimate the salary range they must offer to attract and retain talent. This lets you stay competitive in the hiring market and make better hiring decisions.
2. SMEs are offering higher salaries than corporates in certain sectors.
In the Philippines, the Call Center/BPO, Food & Beverage, Retail & Trade industries are flourishing. Specializations like Services, Sales/Marketing, Hotel/Restaurant, and Sciences also showcase their attractiveness as their markets become more niche and competitive. With employment trends changing swiftly, SMEs in these sectors display flexibility and agility, adapting to market changes and customer demands.
3. Healthcare and IT sectors show the most promising salary growth.
The rising demand for healthcare professionals, including nurses, alongside inflation, has contributed to this notable salary increase. Meanwhile, technology is becoming increasingly important across all industries, making the Computer/IT specialization an attractive field. Notably, Rank & File roles such as Web Programmer, IT Support, and Computer Programmer display a promising future.
4. The entertainment industry experiences a decrease in median salary.
An unfortunate exception to the stable salary landscape, the Entertainment industry has shown a fluctuation of 5.49% in job ads with changed salaries.
The decrease can be attributed to several factors. Due to the pandemic, cinemas saw a significant revenue decline due to healthcare restrictions. More customers have also reduced non-essential spending, negatively affecting the industry.
Salary adjustments within the industry reflect a response to decreased consumer spending.
5. The government sector sees an increase in salaries. The government has been seeing an increasing demand for skilled professionals. Thus, workers within this industry, particularly those in the Rank & File level, have enjoyed significant median salary increments. Employers can now be more selective in hiring and offer higher salaries.
Here are other salary changes according to the JobStreet Philippines Salary Guide 2023.
Salary insights in the Philippines’ job market in 2023
Salary insights by industry
In 2023, salaries in the Philippines have become more stable, with only a few jobs seeing significant changes. More job ads and higher wages were seen in the government sector, especially for entry-level positions like nursing attendants and laboratory aides. Meanwhile, the consulting sector decreased salaries across multiple levels, especially for supervisor positions.
The Materials industry emerges as the top-growing sector in the Philippines, with a 57.1% surge in median salary. From April 2022 to March 2023, the median salary has catapulted from ₱70,000 to ₱110,000. On the contrary, the Insurance sector grapples with a 49.5% drop in median salary. This sector has encountered the most substantial decrease in median salary, dwindling from ₱45,500 in April 2021 to ₱23,000 in March 2023.
Salary insights by specialization
Healthcare shows a 3.8% rise in median salary, amounting to an increase of ₱1,254. This surge positions healthcare as the leading growing specialization, having experienced the most substantial earnings increase. From April 2022 to March 2023, the median salary within healthcare has escalated from ₱32,321 to ₱33,575.
Meanwhile, Accounting & Finance faces a downturn of -26.7% resulting in an ₱8,000 reduction in median salary. This specialization stands as the top at-risk sector, grappling with the most significant decrease in earnings.
The Computer & IT specialization holds the highest median salary at ₱82,500.
Salary comparison by location
In Region VI - Western Visayas, a 133.3% surge translates to a ₱33,914 increment in median salary. The Rank & File professionals in the Healthcare specialization spearheaded this increase within this region.
Meanwhile, in Region VII - Central Visayas, a 140% rise translates to a ₱52,500 uptick. This increase is attributed to Supervisors in the Consulting Industry, who have witnessed the highest median salary growth within the region.
Taguig City emerges as the highest-paid city with a solid ₱45,000 median salary.
Salary comparison by job level
C Level Management showcases an uptick of 9.6%, equating to a significant ₱11,000 increment. Notably, within the Property & Real Estate sector, C Level Management has the highest growth in median salary.
Meanwhile, the role of Supervisor experiences a 31.9% rise, equivalent to ₱21,500. However, Supervisors in the Consulting field witness the highest median salary decrease within the category.
Highest-paying industries in the Philippines for 2023
Regarding small and medium enterprises (SMEs), the Computer & IT sector is the highest-paid industry, with a median salary of ₱55,000. Consulting closely follows with ₱46,000, while the Call Center/BPO industry maintains a competitive position at ₱45,000 For larger corporations, the Computer & IT sector continues to dominate, offering a substantial median salary of ₱82,500. Insurance follows suit with ₱72,000, and Human Resources secures a median salary of ₱65,000.
However, not all sectors have experienced growth. In SMEs, salaries have declined in the Engineering specialization, especially within the Supervisor job-level roles. Similarly, the Manufacturing field within corporations witnessed a salary dip, particularly within the Supervisor roles.
Highest paying jobs in the Philippines for 2023
The highest paying jobs in the Philippines differ depending on the job level, industry, specialization, and company structure.
C level management
In C Level Management, the Banking & Finance sector demonstrates its worth with a median salary of ₱147,500 for Corporate and ₱144,000 for SMEs. This sector has a long history of paying high wages to C-level executives, who are constantly in demand and responsible for complex and specialized duties.
With call centers and BPOs becoming major employers in the Philippines, Call Center/BPO industry offers a competitive median salary of ₱195,000. Meanwhile, the Computer & IT sector offers a solid ₱170,000, showcasing the diverse compensation ranges that define leadership roles across different industries.
Computer & IT and Call Center/BPO are the highest-paid industries for managerial levels. Senior management positions offer up to ₱98,900 per month.
Meanwhile, Computer & IT is the highest-paid specialization, with a monthly median salary of ₱98,900. Tech managers can expect competitive salaries.
Tech managers are responsible for managing teams of tech professionals who design, develop, and maintain computer systems. They must drive innovation, improve efficiency, and ensure the success of their teams. As a result, they are paid well to do their jobs.
Supervisors can find the best-paying jobs in Corporate Human Resources and Computer & IT industries.Computer supervisors manage teams of IT professionals who design, develop, and maintain computer systems. Meanwhile, HR supervisors are expected to look for ways to attract and retain top talent.
As for specializations, Computer / IT boasts the highest-paying jobs, offering up to ₱82,500 per month.
As businesses increasingly invest in IT infrastructure and software, the Computer & IT industry continues to be the highest-paying industry across all job levels, including rank-and-file workers. But notably, the Healthcare and Call Center / BPO industries follow closely.
The Philippine job market is looking positive in 2023. Several industries are experiencing salary growth, and SMEs offer competitive salaries in some sectors. As a result, employers can expect a growing demand for talent, increased hiring activity, and more opportunities to find top talent.