'Phl must invest in human capital'
By Ted Torres (The Philippine Star) | Updated January 14, 2013 - 12:00am
MANILA, Philippines - To realize sustainable and inclusive economic
growth, the Philippines must invest heavily on human capital through
education resulting in better employment figures.
According to National Economic and Development Authority (NEDA) Deputy
Director General Emmanuel F. Esguerra, an important aspect of the
government's inclusive growth platform is investing in human capital,
particularly in the young population that comprise about half of the
country's workforce.
"Investing in human capital, especially the youth that comprise a
significant proportion of the Philippine population, is a major item in
the government's inclusive growth agenda," Esguerra said.
According to the National Statistics Office (NSO), half of the
population or 48 percent who are willing to work, are aged 15-34 years old.
Similarly, this segment of the population comprised 46 percent of
Filipinos who are employed.
Esguerra noted that the lack of workers with appropriate skills is a
major challenge. He added that this is evident in industries that are
knowledge-intensive and require a high degree of functional flexibility.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
"That is why the most important skill is being good at learning, and
that is what investment in quality basic education is for," Esguerra
said, at the Youth Leaders for Knowledge and Development (YKLD) forum
sponsored by the World Bank.
The government is implementing measures to help enhance the
competitiveness of workers and industries.
For instance, the government rollout of the K to 12 Basic Education
Program aims to produce holistically developed learners with 21st
century skills who are prepared for higher education, middle-level
skills development, and immediate employment or entrepreneurship.
"This will signal to potential employers that the quality of Philippine
labor is and will remain competitive and employable," Esguerra added.
But the challenges remain daunting including the proper matching of
education to employment, according to the National Statistical
Coordination Board (NSCB).
NSCB Secretary General Jose Ramon G. Albert said in a report that
despite the attainment of a college diploma, college graduates comprised
at least 18 percent of the total unemployed, the third highest share in
terms of educational attainment from 2006 to 2011.
Most of the unemployed college graduates are those who earned degrees on
medical courses, trade, craft and industrial programs, engineering and
architectural programs.
Data gathered by the Bureau of Labor Employment Statistics (BLES)
meanwhile suggests that the top three hard to fill vacancies among
professionals for the period January 2009 to June 2010 include
accountants and auditors; electronics and communications engineers; and
systems analysts and designers.
It may be observed that these top three hard to fill vacancies require
specific technical requirements and most of which necessitates the
passing of an eligibility exam.
Further, the top 3 reasons why vacancies are hard to fill were:
applicants lack needed competency/skill; applicants expect a high
salary; and applicants lack years of experience.
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