THE Philippines’s young, competent and English-proficient workforce attracts strong foreign investor interest as its favorable demographics along with the decreasing unemployment rate reflect prospects for long-term economic growth, according to Finance Secretary Ralph G. Recto.
“With the most favorable demographics in Asean, the Philippines is at a golden moment, and we are committed to making the most of it,” Recto said in a statement on Wednesday.
Citing data from the Philippine Statistics Authority , among the 883,000 new entrants in the workforce, the majority or 90.8 percent of new employees are young. The youth employment rate rose to 90 percent in September from 88 percent in August and 86.9 percent in September a year ago. This anticipated demographic growth is seen to boost its gross domestic product per capita and drive up demand for consumer goods. As household income also rises, Filipinos will be able to allocate more toward savings and investments.
To sustain this momentum, Recto said the National Economic and Development Authority is finalizing the Trabaho Para sa Bayan , a 10-year master plan for employment generation, to address skills mismatch and enhance the workforce’s competitiveness.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pinoy team shines in SPIRITCYBER-24 Hackathon, showcasing Pinoy cybersecurity talentIn a stellar display of Filipino cybersecurity expertise, Team Peenoise from the Philippines secured 3rd place in the highly competitive SPIRITCYBER-24 IoT/OT Hackathon held during the Singapore International Cyber Week 2024 (Govware).
Read more »
Euwenn Mikaell, who plays a mayor in 'Forever Young,' has advice to Pinoy votersLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Marcos on executed Pinoy in Saudi: It was a terrible tragedyLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Pinoy veterans join World Senior Chess tourneyVeteran woodpushers take the spotlight as the Filipinos take on strong rivals in the 2024 FIDE World Senior Chess Championship in Porto Santo, Portugal slated Nov. 16 to 29.
Read more »
Marcos arrives in Lao PDR for ASEAN Summit; to meet first with Pinoy communityLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Hatol na kamatayan sa Pinoy na isinakdal sa kasong pagpatay, ipinatupad na ng Saudi Arabia —DFAInihayag ng Department of Foreign Affairs (DFA) na ipinatupad na ng Kingdom of Saudi Arabia ang hatol na kamatayan sa isang Pinoy na kinasuhan noon dahil sa pagpatay sa isang Saudi national.
Read more »