Loss of 24% of BPO, electronics jobs projected by 2030
The Asian Development Bank (ADB) said projects that major job losses are in the works for the Information Technology-Business Process Outsourcing (IT-BPO) and electronics manufacturing sectors, as they’re expected to lose 24% of jobs by 2030.
Despite the projected layoffs, ADB’s study noted that productivity in these sectors will improve dramatically, with more than half of the employers surveyed in those two sectors seeing productivity growth of more than 25 per cent by 2030.
ADB added that the Philippines needs to improve its technical and vocational education to offset the expected job loss.
In a statement, ADB Philippines Country Director Kelly Bird said, “To support those at higher risk of job displacement, we must look at new approaches to strengthen inclusion and social protection in the context of (the fourth industrial revolution), to ensure that no one is left behind in the new economy.”
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