The World Bank said that the Philippines need to create 14.4 million good jobs- jobs that raise real wages and bring people out of poverty- until 2016.
The Washington-based agency in the latest Philippine Economic Update said there were 10 million people unemployed or underemployed as of 2012 and with 1.1million new entrants each year, some 14.4 million good jobs have to be created through 2016.
The WB said that over the past decade, only a fourth of the new entrants to the labor force each year are able to get good jobs in the formal sector.
“In addition, better jobs need to be provided to another 21 million Filipinos who are informally employed. All in all, informal workers comprise about 75 percent of total employment,” it said.
According to the World Bank, of the 1.1 million potential entrants to the labor force each year, (but) only 25 per cent or 250,.000 find jobs.
Chosen excerpts by Job Market Monitor