3Q growth useless if no new jobs created

The economic expansion in the third quarter of the year should create more opportunities for ordinary Filipinos for them to experience inclusive growth, according to the National Economic and Development Authority (NEDA).

“In order for the ordinary Filipinos to experience the economic growth, it should lead to an increase in income and improvement in employment opportunities,” NEDA Director General Arsenio Balisacan said.

He noted that the Philippines’ 7.1-percent gross domestic product (GDP) should be sustained not just in one quarter but in the following quarter so that ordinary Filipinos feel the economic growth.

“The government’s objective is to ensure that the growth we are experiencing will continue to gain momentum,” Baliscan added.

However, the NEDA chief said that the real challenge for the government is to make the growth more inclusive, so that even ordinary people or the masses can also feel the improvement.

Balisacan also stated that inclusive growth can only happen if there is a sustainable and rapid improvement in employment opportunities.

“There is a requirement on continued improvement in investment climate and continued expansion of investment in the country so that there will be more opportunities,” he added.

Moreover, the NEDA chief said that the government is pushing for a continued reduction of unemployment and underemployment, adding that the jobless rate must be reduced to at least 5 percent to 4 percent.

Latest National Statistics Office data showed that the unemployment rate in July stood at 7 percent, while underemployment was at 22.7 percent.

In addition, Balisacan described that there is inclusive growth if improvements in all the sectors of the economy results to the increase in opportunities in employment, access to education, health, and infrastructure.

“That is why we need to recover our industries, we need to pillar the growth of the sectors that potentially have high linkages on employment, and we will push for that,” he added.

Meanwhile, the NEDA chief said that even though the Philippines recorded the highest GDP growth in the Association of Southeast Asian Nations, the country is still at the bottom in terms of average income.

“If we could sustain the expansion of the economy for a long time, that should eventually lead increase in the average income,” he added.

Balisacan also cited that the average income of Filipinos is much lower that the average income of Indonesians, Thais and Malays.

He said that the Philippine economy must grow at least 6.7 percent yearly to increase the real per capita incomes to two-fold in 15 years.

Refer http://www.manilatimes.net/index.php/business/top-business-news/36541-3q-growth-useless-if-no-new-jobs-created

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3Q growth useless if no new jobs created


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