By: Likha Cuevas-Miel, InterAksyon.com
September 3, 2013 2:24 PM
MANILA – By the time President Benigno Aquino III leaves office in 2016, there will still be 12.4 million Filipinos unemployed or underemployed, even if the Philippine economy were to grow at an average of 7 percent a year, the World Bank says.
Here are the numbers that the Philipppine government must pay attention to, according to Karl Kendrick Chua, WB senior country economist:
* 3 million – unemployed Filipinos as of 2012
* 7 million – underemployed Filipinos (those who do not get enough pay and are looking for more work) as of 2012
On top of those currently unemployed, the country produces thousands of college graduates every year:
* 1 out of 4 – new jobseekers will likely land a good job, meaning:
* 240,000 out of 500,000 college graduates every year wiill be absorbed in the formal sector
* 52,000 of these 240,000 employed will be absorbed by the business process outsourcing (BPO) sector
* 20,000 of the employed college grads will enter the manufacturing sector
* 200,000 new jobseekers find work abroad
As for the rest who do not find steady work:
* 60,000 of the new jobseekers will be underemployed, or go back to school or rely on financial support
600,000 new jobseekers have no choice but work in low-skill and low-pay informal sector
As for the stellar growth of the country:
* 2 million can be employed over the next 4 years – double the current figure – if Philippines grows by 7 percent a year and without constraints in fast-growing sectors like the BPO industry.
Despite this, Chua wrote in World Bank Philippines’ blog, majority of Filipinos in the labor force will still be left out.
“By 2016, around 12.4 million Filipinos would still be unemployed, underemployed, or would have to work or create work for themselves in the low pay informal sector such as selling goods in sari-sari stores (small retail stores) and peddling on the streets, and driving tricycles and pedicabs,” he said.