MANILA, Philippines - The Philippines needs to create 14.6 million jobs between now and 2016 to achieve inclusive and sustainable economic growth, the World Bank said Monday, February 4.
In a statement at the Philippine Development Forum (PDF) in Davao City, a copy of which was emailed to reporters, World Bank Philippines Country Director Motoo Konishi said informal sector jobs in the Philippines and overseas employment opportunities are not enough to absorb the country's growing labor force.
"As of now, 10 million Filipinos are either unemployed or underemployed. In addition, 1.1 million new Filipinos enter the labor force every year. That's a total of 14.6 million jobs that need to be created between now and 2016. And ladies and gentlemen, that is our job here," Motoo said.
"This means that all other sectors in the economy, particularly agribusiness and agriculture, must contribute more significantly to address joblessness and reduce poverty. Job creation is even more urgent in Mindanao as jobs contribute also to social cohesion. The need for good jobs—jobs that raise real wages or bring people out of poverty—is an overwhelming challenge," he added.
The latest Labor Force Survey of the National Statistics Office showed there were 7.2 million underemployed and 2.8 million unemployed Filipinos in October 2012.
The WB's forecast comes despite the Philippines' good economic performance. The Philippines grew 6.6% in 2012, exceeding forecasts and making it among Asia's best performing economies.
The economy's performance was well above the expansion of 3.9% in 2011 and surpassed the government's own target of 5% to 6% for 2012. - Rappler.com