DOF: REVENUE GOALS CRUCIAL TO HUMAN CAPITAL INVESTMENT
AS more Filipinos become engaged in formal and stable work, the Department of Finance (DOF) said it will prioritize empowering the labor force by investing in human capital development.
Finance Secretary Ralph G. Recto said he aims to achieve the P4.3-trillion revenue collection targets to provide more funds for education, upskilling and worker training, health care, and other human capital development programs that will improve the preparedness of Filipinos for quality job opportunities.
“Our greatest asset is our people. This is something even countries worldwide recognize. Thus, we will prioritize empowering them further by investing heavily in human capital development to prime and prepare them for the best and the brightest opportunities ahead,” Recto said in a statement.
Recto emphasized that the quality of jobs in the Philippines has continued to improve, based on the latest Labor Force Survey (LFS) results from the Philippine Statistics Authority (PSA).
Based on the survey, a total of 45.9 million Filipinos were considered employed in January 2024, raising the employment rate to 95.5 percent.
The majority of employed Filipinos—30.8 million, or 67.1 percent—were wage and salary workers mostly coming from private establishments.
The DOF said the underemployment rate declined to 13.9 percent in January 2024 compared to the 14.1 percent recorded in the same month last year.
“Wage and salary workers enjoy more stable employment conditions, including perks such as health insurance and social welfare benefits,” Recto said.
As the number of employed Filipinos “continuously increases” and accounts for the largest share of employed persons in the country, Recto said this indicates that the majority of the workforce is engaged in formal jobs.
Moreover, the DOF is reinforcing its investment-generating strategies to further improve the quantity and quality of employment in the country.
The DOF said its Growthenhancing Actions and Resolutions, or “Gears” plan, will foster an environment conducive to employment-generating investments by ensuring the country is on track to achieve a growthenhancing fiscal consolidation.
Through “Gears,” the DOF said it will act fast on investments through the “swift implementation of pro-business reforms, improvements in the regulatory regime, reduction in the cost of doing business, and addressing constraints.”
Amendments to CREATE
THE Finance department also pressed for amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to further address investor concerns, tailor-fit incentives, and draw in more strategic investments into the country.
“The ease of doing business is what builds investmentled growth that creates more quality jobs in a land whose talents far outstrip opportunities that could harness them,” said Recto in the statement.
The DOF said the government will also “vigorously implement” the Build Better More program of the current administration to generate more employment and investments in the Philippines.
Lastly, through the recently enacted Public-private Partnership (PPP) Code, the national government will also leverage private sector capital and expertise to reduce the backlog in infrastructure, free up fiscal space for social services, and create jobs that increase domestic consumption, the DOF added.