At A Glance
- The National Economic and Development Authority (NEDA) said the Philippines is facing a need for more time to generate high-quality jobs, as current growth is concentrated on low-quality job opportunities, as stated by <br>NEDA Secretary Arsenio M. Balisacan emphasized the necessity of significant investments, particularly in infrastructure, to improve the business climate and attract potential investors.<br>Balisacan's comment is based on the findings of the August Labor Force Survey, which revealed a decline in the growth rate of middle and high-skilled jobs (354,000), while the number of low-skilled jobs increased (551,000) compared to the previous year.<br> Balisacan stated that creating high-quality jobs would take time due to the requirement of massive investment.<br>The Marcos administration is committed to creating an attractive business climate for investors who can bring in high-quality and high-paying jobs.<br>Balisacan highlighted the importance of addressing infrastructure issues, which have been identified by investors as a key constraint in investing in the Philippines.
The Philippines needs more time to create high-quality jobs, as the current growth is mainly focused on low-quality job opportunities, the National Economic and Development Authority (NEDA) said.
NEDA Secretary Arsenio M. Balisacan said the government needs to make significant investments, particularly in infrastructure, to improve the business climate in the country and create an attractive environment for potential investors.
Balisacan's comment comes in light of the recent findings from the August Labor Force Survey, which revealed a decrease in the growth rate of middle and high-skilled jobs at 354,000, while the number of low-skilled jobs increased to 551,000 compared to the previous year.
“Creating high-quality jobs… it will take time because you’ll need massive investment,” Balisacan said.
“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors who have the resources needed to bring in high-quality and high-paying jobs,” he added.
He also noted that infrastructure programs are also a factor in creating high-quality jobs.
"There are many issues we need to address particularly infrastructure and that's why we have been infrastructure because our investors have been saying that as a key constraint in investing in the Philippines," he added.
Meanwhile, Philippine Statistics Authority Undersecretary Claire Dennis S. Mapa earlier said that the, “quality of jobs was not that good.”
“Sa wages and salary workers slight ang galaw. Malaking increase ay sa self-employed at unpaid family workers (There was only a slight growth in wages and salary workers. Self-employed and unpaid family workers increased more),” Mapa said.
The number of unpaid family workers experienced a significant increase to 3.84 million in August from 1.99 million in July. They account for eight percent of the employment rate.
While self-employed individuals, who account for 27.3 percent of the employment rate, also increased to 13.14 million from 11.25 million in July.
On the other hand, wage and salary workers slightly increased to 30.07 million from 29.99 million the month before. They account for 62.6 percent of the employment rate.
The total employment rate in August clocked in at 95.6 percent or 48.7 million employed individuals
This is lower than the 95.2 percent or 44.63 million employed individuals in July and 94.7 percent or 47.87 million employed individuals a year earlier.