World Bank expects 12.4M jobless Filipinos by 2016

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The World Bank said the number of unemployed and underemployed Filipinos may jump to 12.4 million by 2016 even if the economy would be able to sustain its current growth pace.

Last year, the country’s unemployed and underemployed stood at 10 million, with the latter accounting for 7 million.

According to the World Bank, the Philippines needs to sustain a growth pace of at least 7 percent to accelerate job creation. In the first semester, the economy grew by 7.6 percent from year-ago level.

However, the World Bank said maintaining a rapid pace of growth alone would not be sufficient to prevent the rise in the number of unemployed and underemployed Filipinos.

This, it said, was because the rate of increase in jobs created would be outpaced by the rise in the number of new entrants to the labor force.

Economic growth should come along with measures that will directly create high-quality jobs to reduce unemployment and underemployment, it said.

The National Statistics Office earlier reported that the unemployment rate in the Philippines rose to 7.3 percent in July from 7 percent in the same period last year.

The underemployment rate improved but remained significant at 19.2 percent from 22.8 percent last year.

In absolute figures, there were about 3 million unemployed and 7.75 million underemployed in July.

The World Bank said the job problem in the Philippines was due to a host of factors, including “under investment” by the government and the private sector in the previous years, complex regulations and distorted policies that led to lack of competition in certain sectors.

“Addressing this job challenge requires meeting a dual challenge: expanding the formal sector employment even faster while rapidly increasing the incomes of those informally employed,” the World Bank said in its 2013 Philippine Development Report.

The World Bank has called for the creation of a coalition composed of representatives from the government, the business community and the labor sector that will hold dialogues and come up with programs and policy-reform suggestions on accelerating job creation.

Generally, the multilateral institution said, basic measures had to be accomplished to boost job creation and reduce unemployment and underemployment.

It said the government had to keep on increasing spending for public infrastructure and streamline processes for putting up businesses.

It also said the business sector had to support policies encouraging competition in industries. This means tax holidays and other fiscal incentives enjoyed by certain businesses and industries had to be made temporary.

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  • Joseph20112012

    The Aquino administration should stop pandering economic nationalists and amend the 1987 constitution to remove the forced 60/40 equity sharing (Article XII, Sections 2, 10-14; Article XIV, Section 4; and Article XVI, Section 11) in favor of Filipino business interests and allow foreign investors to own 100% of their own investments here in the Philippines as the current constitutional provision encourages rent-seeking in favor to local business class while depriving ordinary citizens an opportunity for employment here in PH and more choice which services provide them the best quality and at the same time, cheaper prices.

  • eight_log

    The church must employ more!!! Yan ang gustong gusto nila … dumami ang mga tao wala naman silang ginagawa para magbigay ng maraming trabaho!!!!

  • jose_rizal11

    shut up world bankl!!!

  • rodben

    As long as the OFW Industries all over the globe are in exist and keep on growing the underemployed and unemployed Pilipinos can survive… I remember in 70’s only few Pilipinos are in line at Manila Internatinal Aiport ( now NAIA ) going abroad plenty foreigners.. now few foreigners mostly Pilipinos holding working Visa abroad..

  • speedstream2

    While millions are hard put in finding jobs, we have a number of persons in our society who shamelessly rob the public coffers of hard-earned taxpayers’ money, which, if put to good use, could create employment or livelihood opportunities. This is one compelling reason why the fight against graft and corruption must continue without let-up and at whatever cost.

  • carlcid

    This only means that more jobless growth lies ahead. I only hope that the politicians will be the first ones to be thrown out into the jobless ranks!

  • 33Sam

    SOME UNDERGROUND NEWS BLURBS. FILIPINOS LOVE TO BELONG TO “TRENDY” GROUPS EVEN IF THEY ARE GETTING SCREWED!!!

    A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve. The network has seized control of the media to cover up its crimes, too, she explained. In an interview with The New American, Hudes said that when she tried to blow the whistle on multiple problems at the World Bank, she was fired for her efforts. Now, along with a network of fellow whistleblowers, Hudes is determined to expose and end the corruption. And she is confident of success.

    The former Senior Counsel to the World Bank and whistle-blower Karen Hudes said the globalist loan sharking operation is rife with corruption.

    Hudes was terminated and retaliated against after she reported on a scheme to takeover the second largest bank of the Philippines and an underhanded effort by the World Bank to cover-up rampant corruption and a subsequent bailout of the looted bank totaling $500 million.

    Financial corruption and fraud at the World Bank and the IMF are normal business practices. Most people are kept in the dark because the establishment media refuses to report on endemic corruption and fraud at the international financial institution.

    “While the U.S. press is apt to portray the IMF and World Bank as selfless Good Samaritans, the reality is that these 50 year-old institutions function more like global loan sharks,” write Jeff Cohen and Norman Solomon.

    In addition to running debt scams and engaging in criminal fraud, the World Bank, the Federal Reserve and a tiny bankster elite are working to impose an authoritarian financial system over the entire planet.

    In 2009, then World Bank president Robert Zoellick admitted the existence of a plan to eliminate national sovereignty and impose a global government during a speech on the eve of the G20 summit.

    “If leaders are serious about creating new global responsibilities or governance, let them start by modernizing multilateralism to empower the WTO, the IMF, and the World Bank Group to monitor national policies,” Zoellick said.

    “What Zoellick is outlining is essentially the end of national sovereignty and the reclassification of national governments as mere subordinates to a global authority that is completely unaccountable to the voting public of any country..”

  • jpastor

    Just jail those Pork-Thieves so there would be more money to invest in the local economy.

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