Capacitating the youth is a driver of progressive workforce and economic competitiveness – World Bank

Jobs of quantity and quality are urgently needed to sustain the country’s post-pandemic economic recovery.

At the recently concluded launch of the Philippine Jobs Report: “Shaping a Better Future for the Filipino Workforce”, Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Thailand, and the Philippines expressed that the youth face relatively larger disproportionate challenges and are quite disconnected from the average macro numbers.

During the talk, the World Bank underscored the significance of understanding the market–ensuring macroeconomic stability, favorable business environment, and human capital investment. And it also requires using labor market policies and programs strategically as evidence suggests that such instruments are more effective if it is in accordance with the needs of a specific population.

“We argue that it is really an opportune time to strengthen labor market policies and programs for better outcomes. Globally, countries are using various measures to address job-market measures challenges, examples include: active labor market programs such as wage subsidies, skills training, employment services for job matching, and entrepreneurship, social insurance, social assistance, and labor regulations.,“says Yoonyoung Cho, Senior Economist at the Social Protection and Jobs Global Practice at the World Bank.

Mr. George Barcelon, President of the Philippine Chamber of Commerce and Industry (PCCI), said that firms and governments should take advantage of the K-12 program, especially technical vocational programs. It should aid the youth in enhancing their skills, competencies, and employability.

The report also notes that the pandemic has reversed some of the progress of the labor market. Amid this, few positive developments have emerged due to the shift in working arrangements including the ever-growing use of digital technology, apparent in the expansion of the Information Technology and Business Processing Management (IT-BPM) sector, digital payments, e-commerce, and green jobs. In addition, the scene in international migration opportunities continues to contribute largely to the economy with OFW remittances rebounding despite the prompt extensive repatriation in 2020.

Moving forward, World Bank Philippines identified key policy areas to ensure a positive trajectory of quality job generation covering options on modernizing labor market regulations, employing an active labor market program, conducting consistent skills training with private sector involvement, and strengthening social insurance.  Avery Del Mundo