A GLOBAL investment banker rejected the idea that the Philippines will reap demographic dividends because of its young population, with many individuals under 30 expected to remain in the workforce for decades.
'When you're telling 20 percent of the people who come into the workforce every year to go abroad or starve, that is not a demographic dividend,' Stephen CuUnjieng said at The Manila Times midyear economic briefing on Thursday.He added that demographic dividend may apply to countries like Korea, Japan, and the Scandinavian region, where aging populations and shrinking workforces create significant retirement liabilities.
Ninety-three percent of our population are capable of being trained for essential skills and competencies. ... We should be able to incentivize them to stay in our country,' Mangio said at the same forum.While rapid access and the services industry are helping the country withstand current economic challenges, the Philippines should be able to develop a resource-based sector to drive economic transformation, she said.
Dividends' Far From Being Achieved'
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