Government urged to create more investment opportunities

MANILA, Philippines — The government will need to focus on making more investment opportunities available and developing human capital to create more and better quality jobs, the National Economic and Development Authority (NEDA) said.

“Increasing investment opportunities and strengthening the country’s human capital must be prioritized to create more and better-quality employment,” the NEDA said.

Data from the Philippine Statistics Authority showed the Philippine unemployment rate went down to five percent in September from 5.3 percent in August and 8.9 percent in September last year.

According to the NEDA, the country’s unemployment rate in September remains largely at par with those of major Asian economies.

It said the country’s unemployment rate in September was lower than India’s 6.4 percent and China’s 5.7 percent in the same month, as well as Indonesia’s 5.8 percent in February.

The country’s jobless rate, however, is higher than Vietnam’s 2.1 percent in September, and Malaysia’s 3.7 percent in August.

Indonesia’s unemployment rate is reported semi-annually, while Malaysia’s is released monthly.

The NEDA said the lifting of quarantine requirements for unvaccinated or partially vaccinated travelers, and the approval of the voluntary wearing of face masks would help further attract foreign tourists to the country and in turn, help boost employment.

It said private-public partnerships must be encouraged to help expand skills development and employment opportunities in the country.

In addition, NEDA said the timely approval of the 2023 budget would contribute to job generation as infrastructure projects are implemented.

With La Niña seen to persist until March next year and near- to above-normal rainfall conditions expected in the coming months, the NEDA also emphasized the need to streamline the response and rehabilitation responsibilities, and to have long-term interventions to boost the country’s disaster resilience and climate adaptation measures.

“Effective implementation of emergency employment programs and other forms of assistance need to be ensured,” the NEDA said.

It said strategies for a more efficient labor market would be identified under the Philippine Development Plan (PDP) for 2023 to 2028, which is currently being finalized.

Earlier, the NEDA said the PDP, which will serve as the country’s overall development blueprint, is expected to be presented to the President and Cabinet members for approval by early next month.

The NEDA is confident the PDP will be ready for implementation by the start of next year.