February 07, 2013

$3B in Investments Needed for Employment Generation

Government economists are saying that the Philippines should raise $3 billion of investments in order to generate employment that will be used to sustain economic growth as well as to eliminate poverty. According to Economic Planning Secretary and NEDA director-general, Arsenio Balisacan, this will create 3-4M jobs annually.

He also mentioned about stimulating investments in sectors that will provide employment without the need of workers to go through higher education or technical training such as agriculture, infrastructure, and tourism.

According to World Bank Country Director Motoo Konishi, the necessity for jobs that will raise real income or something that will take people out of poverty is really a big challenge for the Philippines since it needs to have 14 million jobs between now and 2016.

He said "The domestic job market in the formal, services, manufacturing, industries and overseas are not enough to absorb so many people getting into the labor force. This means that all other sectors in the economy, particularly agribusiness and agriculture, must contribute more significantly to address joblessness and reduce poverty. Job creation is even more urgent in Mindanao as jobs contribute also to social cohesion."