Senior citizens can help boost the country’s economic growth

REAPING the demographic dividend also means ensuring that seniors or the elderly in society are well taken cared of, according to the Commission on Population and Development (Popcom).

Popcom Executive Director Undersecretary Juan Antonio A. Perez III told the Businessmirror that

seniors can unlock the second demographic dividend.

The second dividend is the generation of savings, which will entail that older populations have the means to invest and boost the country’s economic growth.

“All the additional investments in human capital will lead not only to more prosperous families but also longer lives such that people at or near retirement can invest their newfound prosperity in the economy, leading to a second demographic dividend,” Perez said.

Perez said there are three demographic dividends. The first is the low fertility rate, which can lead to improved household incomes while the third dividend is for families with two children to benefit from the first and second dividends.

The third dividend, Perez said, will not have an immediate effect on the economy compared to the first two dividends.

Ensuring that the country achieves the first two dividends means paying attention to life expectancy rates by ensuring that Filipinos receive quality health-care services and secure decent jobs.

However, in a recent paper, the Asian Development Bank Institute (ADBI) said the Philippines and Indonesia have the lowest life expectancy rates in Asia.

ADBI said the current pandemic poses a danger especially for older people who still work in the informal sector. It said they face significant risks of developing severe symptoms and being harmed by Covid-19.

Perez said the current life expectancy in the Philippines is 72 years for women and 67 for men. There are also more women in the 50 and above age group.

“There should be a virtuous relationship between fertility and life expectancy for us to reap the highest dividends from a demographic dividend for the country,” Perez said.

The plight of the seniors in society has been highlighted during this time of the Covid-19 pandemic. Popcom earlier said many seniors live alone while others dwell in small places with their families in Metro Manila, the epicenter of the pandemic in the Philippines.

Popcom said many senior citizens or elderly are living in homes that are less than 20 square meters, making it difficult to practice social distancing.

Around 84,726 of Metro Manila’s elderly live with other household members and are only able to enjoy an average size of 4.9 square meters of space.

Another 51,365 live alone in NCR, apart from any family member. As such, they are isolated and may be unable to move around in an enhanced community quarantine setting.