THE VIEW FROM RIZAL

It is graduation season, and we have been making the rounds of schools delivering commencement addresses and congratulatory messages. During this time, graduating college students would approach us and ask, “What does the future hold for us?” When we are asked that question, we would usually sense hints of fear and anxiety in the voice of the young graduates. That feeling is valid. After all, the future could be scary. It is a big unknown and we are often afraid of that which we cannot predict nor control. To calm their fear, we share with them our favorite quotation from the revered St. John Paul II. The canonized pontiff once gave this advice to his flock: “Let us remember the past with gratitude, live the present with enthusiasm, and look forward to the future with confidence.” Then, the graduating college students would ask me, “What can we use as a basis for confidence in the future?” They have a point. Today’s young people demand a solid premise and proof for whatever point we attempt to make. Here are some bases for our assertion that they can look forward to the future with confidence. For one, the country’s economy is expected to register significant growth in the near and medium terms. According to the international rating agency Standard & Poor (S&P), the Philippines’ gross domestic product (GDP) is seen to continue its significant increase at 5.6 percent, aided by “strong private consumption spending, an upturn in government infrastructure spending and improving remittance inflows.” “Over the next decade the Philippines economy is forecast to continue to grow rapidly, with total GDP increasing from US$400 billion in 2021 to US$830 billion in 2031,” the S&P said. “A key growth driver will be rapid growth in private consumption spending, buoyed by strong growth in urban household incomes,” it added. S&P gave an optimistic forecast which should buoy hopes among our fresh graduates. The agency said that “by 2034, the Philippines is forecast to become one of the Asia-Pacific region's one trillion-dollar economies, joining mainland China, Japan, India, South Korea, Australia, Taiwan, and Indonesia in this grouping of the largest economies in Asia-Pacific region.” “This strong growth in the size of the Philippines economy is also expected to drive rapidly rising per capita GDP, from US$3,500 in 2021 to US$6,400 by 2031, which in turn, will help to underpin the growth of the Philippines domestic consumer market, catalyzing foreign and domestic investment into many sectors of the Philippines economy,” S&P explained. The Asian Development Bank (ADB) shares this optimism. In its April 2023 publication, the ADB said, the Philippine economy’s growth will “climb further by 6.2 percent in 2024.” “A recovery in employment and retail trade, sustained expansion in the manufacturing sector, and rising public infrastructure spending will support growth,” the ADB added. The ADB Philippines country director Kelly Bird has an even more positive outlook. According to Bird: “The Philippines will grow at its potential this year and next and is on track toward its goal to become an upper middle-income country.” In addition, the national government is keen on sustaining infrastructure development in the country. According to the Bangko Sentral ng Pilipinas, “the government aims to sustain annual spending on infrastructure at five percent to six percent of the GDP.” What do these mean for our college graduates? These mean jobs. These mean they will have options for employment, and opportunities to practice their profession, apply the skills they learned in college and get decent pay from their first job. There is proof that the growth in our economy has contributed to growth in employment opportunities. According to a labor force survey published by the Philippine Information Agency (PIA), the country has been recording a significant decrease in the unemployment rate. Early this year, only 4.8 percent of the country’s labor force was unemployed. The report added that the youth employment rate has also improved, with 90.9 percent of young people employed in February 2023 compared to 89.2 percent in January 2023. The trend is good. Add to this the results of the latest survey which indicated that nearly half of our population believes that life has improved and that it will be better in the coming months. It is now up to our college graduates to aggressively pursue the opportunities that our economic gains have opened up for them. We wish the Class of 2023 all the best as they build for themselves an even brighter future. (For feedback, please email it to [[email protected]](mailto:[email protected]) or send it to Block 6 Lot 10 Sta. Barbara 1 cor. Bradley St., Mission Hills Subd., Brgy. San Roque, Antipolo City, Rizal.)