DEVELOPING YOUNG WORKERS KEY TO SUSTAINABLE GROWTH—NEDA

MANILA—The National Economic and Development Authority (NEDA) said developing the capacities of young workers through intensified investments in basic education is crucial in achieving sustainable and inclusive growth.

During the welcome dinner for the second batch of the Youth Leaders for Knowledge and Development (YKLD) sponsored by the World Bank, NEDA Deputy Director-General Emmanuel F. Esguerra said that an important aspect of the government’s inclusive growth platform is investing in human capital, particularly in the young population that comprise about half of the country’s workforce.

“Investing in human capital, especially the youth that comprise a significant proportion of the Philippine population, is a major item in the government’s inclusive growth agenda,” Esguerra said.

Inclusive growth, as outlined in the Philippine Development Plan: 2011-2016, is rapid and sustained socioeconomic development that contributes to employment generation and poverty reduction. This is achieved through massive investments in infrastructure and human capital as well as putting in place measures that support good governance.

According to the October 2012 round of the Labor Force Survey conducted by the National Statistics Office, almost half (48%) of Filipinos willing to work are aged 15-34 years old. Similarly, this segment of the population comprised 46 percent of Filipinos who are employed during the period.

Esguerra noted that the lack of workers with appropriate skills set is a major challenge.  He added that this is evident in industries that are knowledge-intensive and require a high degree of functional flexibility.

“That is why the most important skill is being good at learning, and that is what investment in quality basic education is for,” Esguerra said.

Measures are being implemented to help enhance the competitiveness of workers and industries, he said.  For instance, the rollout of the K to 12 Basic Education Program aims to produce holistically developed learners with 21st century skills who are prepared for higher education, middle-level skills development, and immediate employment or entrepreneurship.

“This will signal to potential employers that the quality of Philippine labor is and will remain competitive and employable,” Esguerra added.

M.R. No. 2013-005

13 January 2013