A World Bank Group (WBG) executive lauded the Philippines for its progress in job creation and poverty reduction.
Anna Bjerde, managing director of operations at WBG, said the Philippines is one of the few nations achieving both strong economic growth and substantial improvements in people’s lives.
Finance Secretary Ralph Recto, in a meeting with World Bank officials on Oct. 22, 2024, highlighted the Philippines’ rapid economic growth and vibrant labor force, with the unemployment rate continuing to drop to 4 percent as of August 2024.
This translates to 49.2 million Filipinos employed to date, with 62.4 percent of them in formal and stable jobs.
Recto said the government effectively reduced the poverty incidence to 15.5 percent in 2023, bringing the Philippines on track to achieve a single-digit poverty incidence of 9 percent by the end of President Ferdinand R. Marcos Jr.’s term in 2028.
Bjerde said the World Bank recently launched High-Level Advisory Council on Jobs, which would benefit the Philippines in improving further its job market.
This new initiative will identify actionable policies and programs to address challenges in job creation, focusing on youth and female employment opportunities, she said.
Leading experts across government, business, civil society and academia will be brought together to offer thought leadership and actionable strategies for creating large-scale employment opportunities.
Recto sought the bank’s assistance in drawing in more private-sector investments into the Philippines to attract capital-intensive investments and create jobs in higher value-added sectors.
Bjerde also commended the Philippines for its efforts to enhance gender inclusion in finance, social protection programs and digitalization.
She recognized the Philippines’ leadership in crisis and disaster response, being the first to sign the Rapid Response Option (RRO) agreement with the WBG—a model that has since been followed by 25 other nations.
Bjerde assured Recto that Philippine government’s key priorities would be aligned and reflected in the new country partnership framework that the World Bank is crafting for 2025 to 2028.
