Connect with us

Headline

WB: PHL economic growth created jobs; wages need to catch up

Published

on

World Bank headquarters in Washington, D.C. (Wikimedia Commons)

World Bank headquarters in Washington, D.C. (Wikimedia Commons)

MANILA – The country’s economic growth in the last decade has generated enough jobs for Filipinos; however, many workers remain poor as wages have not caught up with the rising prices of goods and services, the World Bank said.

In “Labor Market Review: Employment and Poverty in the Philippines,” the Washington-based multilateral lender said the growth of real wages, wages adjusted for changes in prices of goods and services, has yet to catch up with the rising productivity. Hence, many workers remain poor.

The report, which analyzed local labor market performance, noted that with sound macroeconomic fundamentals and strong growth, the Philippines could address these challenges.

“Economic growth in the last 10 years has created enough jobs to absorb the growing labor force,” said World Bank Country Director Mara Warwick.

“For many Filipinos, however, the main challenge is having jobs that can lift them out of poverty,” Warwick added.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

News3 hours ago

DOJ forms TWG to hasten creation of separate ‘heinous crimes’ prisons

MANILA – The Department of Justice (DOJ) has ordered the creation of a technical working group (TWG) to hasten the...

Philippine Navy spokesperson for the West Philippine Sea Commodore Roy Vincent Trinidad Philippine Navy spokesperson for the West Philippine Sea Commodore Roy Vincent Trinidad
News3 hours ago

Navy: Measures in place vs. possible Chinese interference in Balikatan

MANILA – A ranking Philippine Navy (PN) official said while China is not expected to interfere in the ongoing “Balikatan”...

Entertainment4 hours ago

Meet Five of Seoul’s Most Glamorous Elite in ‘Super Rich in Korea’ Official Trailer

Super Rich in Korea offers a golden ticket into the extravagant world of Seoul’s top 1% — individuals who’ve made...

Entertainment4 hours ago

Who’s In for “Something Really Fun”? The Curtain Rises on ‘The 8 Show’ with Thrilling Teaser Trailer and Character Posters

“Do you really want something fun?” This question opens the zany teaser trailer for The 8 Show, a thrilling new...

Entertainment4 hours ago

Discover Your K-Pop Persona With Spotify’s New Interactive Experience

In the last decade, as K-Pop cemented its status as a global phenomenon, Spotify has helped fans around the world...

Canada News4 hours ago

International student resentment brews but allowing fewer students into Canada isn’t the answer

Canada has prided itself on being a welcoming haven for students from around the world. But beneath the surface of...

Business and Economy4 hours ago

Supreme Court appears open to Starbucks’ claims in labor-organizing case

What factors must a court consider when the National Labor Relations Board requests an order requiring an employer to rehire...

British PM Rishi Sunak British PM Rishi Sunak
News4 hours ago

The obstacles that could still stop flights to Rwanda from taking off

  Rishi Sunak has finally secured the legislation he needs to support his Rwanda plan. A late night session of...

News4 hours ago

Parliament passes bill declaring Rwanda safe – but can it really be called a law at all?

After months of deadlock, the House of Lords withdrew its opposition to the safety of Rwanda (asylum and immigration) bill,...

News4 hours ago

Why Germany ditched nuclear before coal – and why it won’t go back

One year ago, Germany took its last three nuclear power stations offline. When it comes to energy, few events have...

WordPress Ads