MANILA – The Philippine economy is likely to sustain its strong growth this year until 2014, but unemployment and underemployment remain a key concern, the Asian Development Bank (ADB) said on Tuesday.
In its Asian Development Outlook, the Manila-based lender projected that the economy, as measured by gross domestic product (GDP), would grow by six percent in 2013 and 2014 on the back of upbeat business and consumer sentiment.
ADB’s projection for 2013 is lower than the 6.6 percent growth achieved last year.
“Fiscal spending will remain robust, along with construction activity, driven by the still string demand for housing and office space,” ADB said.
The government has set a GDP growth target range of 6-7 percent for this year and raised it to 6.5-7.5 percent the following year.
Neeraj Jain, ADB’s country director for the Philippines said governance reforms and prudent macroeconomic management laid the foundation for strong growth.
“The recent investment grade rating affirms the improved macroeconomic fundamentals and investment environment,” Jain said.
Despite the expected relatively strong growth, ADB said the high levels of unemployment and underemployment, with the latter at 20 percent of the labor force, remain a “key concern” for the Philippines.
The NSO earlier reported that the unemployment rate stood at 7.1 percent last January, hardly changed from7.2 percent in the same month
The NSO said the number of underemployed persons last January stood at 7.93 million, placing the underemployment rate at 20.9 percent, higher than the 18.8 percent in the same month last year.
ADB said reviving the industrial and manufacturing sector, where the Philippines has lagged most other larger countries in Southeast Asia, is critical.
This will require a stronger push by policy makers to improve infrastructure and the business environment to encourage manufacturers to locate in the country, ADB added.
“A stronger industrial base is vital for increasing jobs, and will help make growth more inclusive and sustainable,” Jain said. –Darwin Amojelar, InterAksyon.com
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Invoke Article 33 of the ILO constitution
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