College graduates not only earn more but also live longer, Recto claims


By XANDER DAVE CEBALLOS

A college diploma is not just a piece of paper - it could potentially add up to seven years to your life expectancy. 

Finance Secretary Ralph G. Recto has said that higher education enhances longevity and overall well-being in addition to its financial rewards.

During a recent speech to officials of the state universities and colleges, the government's chief economic manager brought attention to the unexpected benefits that come with pursuing higher education.

“A college graduate also enjoys a longer life expectancy, living seven years more on average from age 25. His likelihood of being in good health is 44 percent greater,” Recto said during the 2024 Philippine Association of State Universities and Colleges (PASUC) annual convention and general assembly.

“A college diploma may not make one as rich as Elon Musk. But it is a tried-and-tested ticket out of poverty–towards a life of prosperity and health,” he added, noting that more workers with college diplomas could further improve the economy.

The finance chief said that having a college education has a higher rate of return compared to what banks and stocks can offer, which could yield around 15 percent.

“Another study reveals that a college graduate’s chances of unemployment are 2.2 times lower compared to a high school graduate. His likelihood of securing a retirement plan through employment increases by 72 percent,” he said.

He cited a World Bank study that estimates a 17 percent increase in earnings for those with college degrees–the highest compared to those with primary and secondary education only.

Recto said that the biggest chunk of the P5.767 trillion budget for this year went to the education sector with P969 billion, up by 8.2 percent from the previous year.

In particular, SUCs had a double-digit increase in funding by 19.3 percent to 132.9 billion pesos in 2024, which also includes a P21.7 billion allotment to free tertiary education for over 3.1 million students across the country.

To complement this, Recto said that the government is also prioritizing social protection, food security, and physical infrastructure to ensure that Filipinos are “not just well-educated but are healthy and thriving.”

This year, the government is spending around P440 billion on social protection programs, P221.7 billion on the agriculture sector, and P1.47 trillion on infrastructure projects including disaster-resilient school buildings.

“[R]ail projects like the upcoming Metro Manila Subway and the LRT-1 Cavite Extension will dramatically help students within the metro and nearby provinces to travel seamlessly to university areas,” he said.

Given this, the finance chief encouraged SUCs to lead in elevating the competitiveness of the country’s educational institutions that will produce AI-ready graduates for the new economy.

“Rest assured, the DOF stands ready to support the PASUC every step of the way in nurturing a new generation of healthy, smart, and globally competitive Bagong Pilipino,” he stated.