Social protection investment will drive PH labor market – UNESCAP
Better investment in social protection programs could ensure that the Philippines’ labor force can bounce back from the pandemic, said United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
During a virtual policy conference, UNESCAP Social Development Division director Srinivas Tata said that it is “important to understand that investing in people has a huge impact on the country’s development.”
However, the latest data showed that the Philippines is investing only 2.6% of its Gross Domestic Product (GDP) to social protection, lower than the APAC average of 4.9% and way below the 11% international average.
The UNESCAP official added that “only a handful of [Asia-Pacific] countries have comprehensive schemes. Even before the pandemic, millions of people already live in poverty with lifelong consequences.”
Tata argued that the Philippines should find a way to extend its social protection programs to various industries — including the informal sector — to help boost the country’s labor market.
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