Together with the announcement of the 7.5-gross domestic product (GDP) growth in the second quarter of this year, the National Economic Development Authority (NEDA) believes that more jobs are on its way because of the high growth of industry and services.
NEDA Director General Arsenio Balisacan said that the 10.3-percent increase in industry and 9.3-percent ascent in real estate activities under the services sector will generate quality jobs, “even for the less skilled,” that will help address the unemployment and underemployment concerns of the country.
“More people have regular wages and salaries, indicating that those employed have more remunerative and stable jobs,” Balisacan said, citing the Labor Force Survey in April 2013, which showed improvements in job generation. The survey indicated double-digit growth in full-time employment compared to last year, increasing by 64 percent as of April this year.
“While unemployment remains a challenge, the strong performances of the investment and industry sectors are positive indications that the Philippines is on its way towards generating more and better-quality jobs,” Balisacan said.
He added that the country has “so much potential” and “vast opportunities” in terms of growth and employment with the increased investments and business confidence that contributes to “attaining sustained and inclusive growth for all.”
The NEDA director general is confident that the GDP growth will stick and remain at 7 percent to 8 percent throughout the year, based on the original forecast indicated in the Philippine Development Plans of 2011 to 2016.