HOW RE­SILIENT IS THE PHILIP­PINE LA­BOR MAR­KET COM­PARED WITH THOSE OF OTHER ECONOMIES?

Business World - - Front Page -

The Global La­bor Re­silience In­dex, pre­pared by global strat­egy and pub­lic policy ad­vi­sory firm Whiteshiel­d Part­ners, looks at the readi­ness of la­bor mar­kets in with­stand­ing shocks such as geopo­lit­i­cal ten­sions, policy changes, and tech­no­log­i­cal in­no­va­tions. Specif­i­cally, the in­dex looks at longer-term “struc­tural fac­tors” (de­mo­graph­ics, level of eco­nomic de­vel­op­ment, coun­try ca­pa­bil­i­ties, eco­nomic diversific­ation, and inequality) as well as shorter-term “policy fac­tors” (education and skills, la­bor policy, in­no­va­tion, tech­nol­ogy, en­trepreneur­ship, and statis­tics) in gaug­ing la­bor mar­ket re­silience. This year’s in­dex placed the Philip­pines as the 62nd most re­silient la­bor mar­ket out of 145 coun­tries, climb­ing three spots over the past five years from 65th in 2015. The report noted the coun­try’s de­creas­ing un­em­ploy­ment and in­creas­ing in­come equal­ity through ex­port-driven growth, as well as low­er­ing the time for busi­nesses in deal­ing with gov­ern­ment reg­u­la­tion. On the other hand, it pointed out that much of the coun­try’s eco­nomic growth is pre­dom­i­nantly driven by low-skilled jobs in the ser­vices sec­tor.

SOURCE: WHITESHIEL­D PART­NERS (GLOBAL LA­BOR RE­SILIENCE IN­DEX 2020) BUSINESSWO­RLD RE­SEARCH: JOBO E. HER­NAN­DEZ and MARISSA MAE M. RAMOS BUSINESSWO­RLD GRAPH­ICS: BONG R. FORTIN

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