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Manila Bulletin devider Philippines devider National devider Government strengthens labor market forecasting for workforce readiness

Government strengthens labor market forecasting for workforce readiness

Published Nov 13, 2024 05:12 am

The Department of Labor and Employment (DOLE) and the National Economic and Development Authority (NEDA) are improving the country’s labor market forecasting system to better equip Filipino workers for emerging challenges and opportunities.

In a recent meeting, the agencies discussed improving the accuracy and timeliness of labor market data to align skills development with evolving job demands.

This collaboration aims to prepare Filipino workers with the skills necessary to meet the shifting needs of the economy, as outlined in NEDA’s Skills Needs Anticipation (SNA) Report.

The report, aligned with the Philippine Standard Classification of Occupations (PSOC), identifies key megatrends—such as digitalization, aging populations, and sectoral shifts—that will drive demand for specific jobs and skills.

Meanwhile, the Bureau of Local Employment (BLE) has updated its partnership with the International Labor Organization (ILO) to develop a new employment forecasting methodology. This will be incorporated into the Philippine Employment Forecasting Report, which will offer national and regional projections to inform labor policies.

To further refine labor market strategies, DOLE and NEDA are cross-referencing hard-to-fill occupations identified in the Jobs and Labor Market Forecast (JLMF) with insights from the SNA Report, prioritizing skill development to address workforce gaps.

This strengthened partnership ensures a data-driven approach to workforce readiness, positioning Filipino workers to meet the demands of a rapidly evolving global job market and contribute to the 21st-century economy.

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