World Bank: Philippines needs 14.6m jobs

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manilaThe Philippines needs to generate 14.6 million good jobs by 2016 to uplift the economic status of jobless and underemployed Filipinos as well as new job seekers, the World Bank said on September 13.

“Good jobs” should be generated for 3 million unemployed Filipinos, 7 million underemployed individuals and around 1.15 million potential entrants to the labour force annually from 2013 to 2016, the bank said.

“That is a total of around 14.6 million jobs in the formal and informal sectors that need to be created, sustained or improved in the next four years,” the bank said in its The Philippine Development Report: Creating More and Better Jobs.

It said a history of policy distortion led the economy to slow down job creation, especially in the agricultural and manufacturing sector.

“Agricultural productivity remained depressed, manufacturing has failed to grow substantially,” World Bank senior country economist Karl Kendrick Chua said.

“In other words, the Philippines has failed to undergo a structural transformation,” Chua said.

The World Bank report predicted that by 2016, around 12.4 million Filipinos would still be underemployed and unemployed.

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Reading Time: 1 minute

The Philippines needs to generate 14.6 million good jobs by 2016 to uplift the economic status of jobless and underemployed Filipinos as well as new job seekers, the World Bank said on September 13.

Reading Time: 1 minute

manilaThe Philippines needs to generate 14.6 million good jobs by 2016 to uplift the economic status of jobless and underemployed Filipinos as well as new job seekers, the World Bank said on September 13.

“Good jobs” should be generated for 3 million unemployed Filipinos, 7 million underemployed individuals and around 1.15 million potential entrants to the labour force annually from 2013 to 2016, the bank said.

“That is a total of around 14.6 million jobs in the formal and informal sectors that need to be created, sustained or improved in the next four years,” the bank said in its The Philippine Development Report: Creating More and Better Jobs.

It said a history of policy distortion led the economy to slow down job creation, especially in the agricultural and manufacturing sector.

“Agricultural productivity remained depressed, manufacturing has failed to grow substantially,” World Bank senior country economist Karl Kendrick Chua said.

“In other words, the Philippines has failed to undergo a structural transformation,” Chua said.

The World Bank report predicted that by 2016, around 12.4 million Filipinos would still be underemployed and unemployed.

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