The Philippines has affirmed support for the World Bank’s new job creation agenda, which aims to generate employment and improve job quality in emerging and developing economies, the Department of Finance (DOF) said.
The DOF on Tuesday emphasized the public sector’s crucial role in enabling the job market to flourish.
At the EDS15 Constituency Meeting on April 23 at the World Bank Headquarters in Washington, Finance Undersecretary Joven Balbosa affirmed the country’s backing of the Bank’s jobs agenda, which took center stage at this year’s Spring Meetings themed “Jobs – The Path to Prosperity.”
“In line with Bank priorities, we acknowledge and support its job creation agenda,” Balbosa said.
He added that the private sector plays a huge role in job creation while the public sector lays the foundations for businesses to thrive through basic infrastructure, policies, and regulatory reforms.
The Bank said 1.2 billion youth will reach working age in developing economies over the next decade.
However, only 420 million jobs were expected to be created in that period, so the World Bank made job creation the core of its agenda.
The World Bank’s three-pillar approach includes investing in human capital and infrastructure, creating predictable regulatory environments, and mobilizing private capital.
The DOF official said the Philippines’ startup scene, growing digital economy, and increasing participation of micro, small, and medium Enterprises present a strong foundation for generating and advancing the quality of jobs.
The Philippine government also recently unveiled its first 10-year labor market development plan, aiming to transform the country’s labor market over the next decade and promote the creation of high-quality jobs.
Meanwhile, given the present global challenges, the DOF urged the Bank to remain faithful to its Evolution Roadmap, which guides the institution in better addressing global development challenges such as poverty, shared prosperity, inequality, and climate change.
“We must follow through the roadmap’s deliverables, and on the promise of a bigger and better Bank that is fit-for-purpose to respond to the most pressing needs of people and the planet,” Balbosa said.
