Citing the country’s stellar economic growth and political stability, the World Bank said implementing reforms needed to address lack of jobs in the country is now.
“The elements working for the Philippines are now well in place: strong economic fundamentals that are yielding impressive growth rates, political stability and a popular president seen by most Filipinos as committed to good governance and eliminating poverty,” World Bank noted.
In a report released Friday, September 13, the multilateral bank recommended the creation of a tri-partite coalition composed of the government, business and labor groups.
The coalition, World Bank said, should create a reform agenda that will improve the unemployment and underemployment in the country.
A total of 14.6 million jobs are needed in the next 4 years, the multi-lateral bank noted.
Of the total 10 million jobseekers, 3 million were unemployed while 7 million were underemployed in 2012, the agency added.
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