Better jobs for youth could strengthen PH economy — World Bank

MANILA, PHILIPPINES — Providing more and better job opportunities for young people could help the Philippines strengthen its economic recovery and long-term growth. 

In its newly-released report, World Bank revealed that the quality of jobs remains a concern, particularly for young people, despite the country’s economic rebound post-COVID-19. 

“The youth group was disproportionately affected by the pandemic shock on the labor market, and the scarring effect may stay long after the economic activities return,” said Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Thailand, and the Philippines. 

Over 60% of the youth population — aged 15 to 24 — was out of labor even before the pandemic in 2019. In 2022, youth employment remained low, whereas overall labor market indicators recovered to the pre-pandemic level.

World Bank stated that modernizing labor regulations, strengthening international migration management, and investing skills in emerging green and digital sectors could boost youth employment.

Yoonyoung Cho, Senior Economist at the Social Protection and Jobs Global Practice at the World Bank, added that active labor market initiatives — such as skills training, job search assistance, wage subsidies, public works programs, and entrepreneurship promotion — would also help the youth in their job applications.