The Philippines reported a 6.4-percent growth for Q1-2023— respectable and closely aligned with the long-term growth rate of 6.5 percent. At this rate, the country will continue to have the second-fastest growth in Asia after China. Know more:
The Philippines reported a 6.4-percent growth for Q1-2023— respectable and closely aligned with the long-term growth rate of 6.5 percent. At this rate, the country will continue to have the second-fastest growth in Asia after China.
According to latest employment data, transportation and accommodation contributed almost a million new jobs, while comprising less than a tenth of gross domestic product. By contrast, we lost about 300,000 jobs in agriculture and manufacturing, which jointly comprised three-tenths of GDP. Hence, it is the quality, not sustainability, of growth that is the challenge.
Stunting is a problem that is largely irreversible, even with a demographic dividend. One-third of children aged five and below will likely have hampered productivity. Worse, they can affect the efficiency of firms now and in the future. Those who are not stunted will find working in the country to be non-rewarding financially and will naturally opt to work outside the country. This means that the future workforce of the country will face quality and efficiency issues.
There are other urgent challenges, such as health and connectivity, for these are needed in not only sustaining growth but also ensuring that growth is widespread. Nevertheless, any serious effort to address these three indicators can ensure that the country will have a high-quality work force and a food-secure economy. Since these take time to improve, these should be part of the performance metrics of any governance entity, regardless of the changes in administration.
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