NEDA: Investment in basic education key to growth

MANILA, Philippines - Developing young workers through investment in basic education is the key to sustainable growth, the National Economic and Development Authority said..

“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,” NEDA Deputy Director-General Emmanuel Esguerra said in a welcome dinner for the second batch of the Youth Leaders for Knowledge and Development sponsored by the World Bank.

The Philippine Development Plan: 2011-2016 defines inclusive growth as a "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," the government said.

In an October 2012 Labor Force Survey conducted by the National Statistics Office, it showed that 48 percent of Filipinos willing to work are aged 15-34 years old. This segment of the population comprised 46 percent of Filipinos employed during the period, the government said.

Esguerra said the lack of workers with appropriate skill sets poses a challenge to industries that are knowledge-intensive and require 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,” he said.

The government said the K to 12 Basic Education program, which adds two more years to basic education, 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".

Esguerra said this will signal potential employers that the quality of Philippine labor is competitive.