Top 10 Highest Paying Jobs in The Philippines In 2017
Regardless of where you are in your professional career, it’s important to understand how your compensation compares to that of other industries. It’s also important to make sure you are being compensated fairly in regards to what your industry is paying. This post will provide you with the top 10 highest paying jobs at the junior executive, supervisory, and managerial levels.
The 2017 Forecast
According to a report from Willis Towers Watson, a global solutions company, salaries in the Philippines are projected to increase by 6.5% in 2017, which is higher than the 6% growth experienced in 2016. Some experts have attributed the rise in salary to Philippine companies’ focus on incentivizing employees who have skills that are critical to business operations.
Careers within the Information Technology field again dominate the highest paying jobs of 2017. This is according to the 2017 JobStreet Salary Report, which concludes that IT-related positions will have the most competitive salary across the position levels of junior executives and supervisors. One notable difference between 2016 and 2017 is the top salary at the managerial level. In 2017, the salary of those within the Corporate Strategy industry have surpassed the salaries of those in IT-Related fields.
Junior Executive Level
Contrary to 2016, the salary of most junior executives within the top ten highest paying jobs has decreased in 2017. The salary for IT-Related professionals at the junior executive level has decreased from ₱38,149.00 to ₱37,034.00. Other professions that saw a decrease in salary at the junior executive level in 2017 include: Law and Legal Services, (₱29,430.00); Training & Development, (₱27,253.00); Actuarial Science and Statistics, (₱27,064.00); Public Relations and Communications, (₱26,948); and Customer Service, (₱24,755.00). The only industry that saw an increase in salary at the junior executive level from 2016 to 2017 is the Banking and Financial Services industry, which increased from ₱26,275.00 to ₱27,188.00.
The highest paying jobs at the junior executive level are those within the IT-related industry, where one could make ₱37,034.00. Additional industries within the top five include: Law and Legal Services, with a salary of ₱29,430.00; Training and Development, where you can receive ₱27,253.00; Banking and Financial Services, with ₱27,188.00; and Actuarial Science and Statistics, where your take home could be ₱27,064.00.
Under the Supervisory level, most industries have increased salary levels in 2017. Notably, the IT-Related field increased from ₱63,485.00 to ₱68,723.00. Finishing out the top five salaries at the supervisory level in 2017 are: Actuarial Science and Statistics, with a salary of ₱65,741.00; Law and Legal Services, where one could make ₱48,014.00; Journalist or Editor, for ₱40,708.00; and Banking and Financial Services with a monthly salary of ₱38,857.00.
All top 10 industries at the managerial level saw an increase in salary in 2017. Managers in the Corporate Strategy sector are now the highest paid in the Philippines with a salary of ₱125,976.00, which is an increase of 59%. Managers and assistant managers in the IT-Related field still receive competitive pay at ₱91,100.00, a 5% increase in overall salary since 2016. Managers in Actuarial Science and Statistics also receive competitive compensation at ₱81,799.00, and managers in the Quality Control and Quality Assurance industry receive one of the highest salaries in the Philippines at ₱80,828.00.
Salary Increase Across Asia Pacific
If we compare salary increase in the Philippines to that of other Asia Pacific countries, the overall projected salary increase in the Philippines is one of the highest in the region. The Philippines is set to see salary increases of over 6% across all industries in 2017, which is much higher than Taiwan at 3.8%, Singapore at 3.8%, and Hong Kong at 4.5%. Salary increase in the Philippines compared to other Asian countries is closer but still higher. For instance, the Philippines salary increase of 6.5%, is higher than Malaysia and Thailand at 5.6%. The only Asia-Pacific Country that will experience a higher salary increase than the Philippines in 2017 is China at 6.9%.
What Does This All Mean?
The overall economic forecast for the Philippines in 2017 is positive. Most professionals at the supervisory and managerial level have seen an increase in salary in 2017, while most top paying professions at the junior executive level have seen a decrease. This may cause some worry in younger Filipino workers; however, it provides promise of what one can expect their salary to be as they gain additional work experience.