Economy surges but job creation lags – ADB

Booming investment and consumption continue to underpin an economic renaissance in the Philippines but robust growth has yet to generate sizable numbers of new jobs, according to a new Asian Development Bank (ADB) report.

“The economy is riding high on the back of hefty domestic demand and investment, low inflation and interest rates, buoyant remittance flows, and upbeat business sentiment,” said Neeraj Jain, ADB’s Country Director for the Philippines.