{"id":19446,"date":"2024-06-25T03:02:23","date_gmt":"2024-06-25T03:02:23","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/philippines-has-25-year-window-to-reap-benefits-of-young-population-wb\/"},"modified":"2024-06-25T03:02:23","modified_gmt":"2024-06-25T03:02:23","slug":"philippines-has-25-year-window-to-reap-benefits-of-young-population-wb","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/philippines-has-25-year-window-to-reap-benefits-of-young-population-wb\/","title":{"rendered":"Philippines has 25-year window to reap benefits of young population \u2014 WB"},"content":{"rendered":"
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THE PHILIPPINES has to take advantage of the changing population structure in the next 25 years, when the working-age population will outnumber dependents, according to the World Bank (WB).<\/p>\n

\u201cThe country has a 25-year window to harness the benef<\/span>its of a changing population structure. So, the country will have a larger working-age population relative to dependents,\u201d Toni Joe Lebbos, World Bank economist for human development, East Asia and the Pacif<\/span>ic, said at a forum on Monday.<\/p>\n

\u201cIf we invest today wisely in education, health, and jobs, this demographic shift can boost economic growth. This is a chance to stress that this opportunity won\u2019t last forever and not taking action now would mean missing out on a lot of benef<\/span>its,\u201d he added.<\/p>\n

The Philippines\u2019 latest Human Capital Index (HCI) stood at 0.52, which means that a child born in 2020 can only achieve about 52% of their productive potential by the age of 18. This is lower than the average HCI of upper middle-income economies at 0.56.<\/p>\n

The HCI measures the health, education, and training of individuals \u2014 indicators deemed crucial to a country\u2019s economic growth.<\/p>\n

\u201cIn our aging region, the Philippines\u2019 human capital provides an important lifeline of services that are needed for growth. Yet the Philippines is only utilizing only half of its human capital investment,\u201d Mr. Lebbos said.<\/p>\n

According to the World Bank, key challenges a<\/span>f<\/span>fecting the Philippines\u2019 human capital include high fertility, limited and unequal access to education and healthcare, poor learning outcomes, low-quality jobs and skills, persistent poverty and inequality, and vulnerability to global headwinds like climate change and pandemics.\u00a0<\/span><\/p>\n

For the Philippines to realize its human capital potential, it must invest in the development of children below 10 years old, the World Bank said in its latest report.<\/p>\n

\u201cTo ensure optimal start in life for every child as a foundation for boosting human capital, holistic services in the early years including maternal and child health, nutrition, early education and stimulation, development of foundational skills, and social protection in the f<\/span>irst 10 years are paramount,\u201d it said.<\/p>\n

The World Bank said the Philippine government must also improve the delivery of social protection services.<\/p>\n

Local government units (LGUs) have a key role in ensuring on-the-ground investments for human capital, it said. Disadvantaged LGUs, especially those farther from the capital region, are at risk of losing about 26 percentage points of human capital potential, it added. <\/span><\/p>\n

\u201cThe LGUs that have lower indicators seem to be hindered by capacity and governance challenges that often lead to inequitable access to services, and unequal access to services,\u201d Mr. Lebbos said.<\/p>\n

Asked which policies can support the development of human capital, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan suggested a possible expansion of the government\u2019s conditional cash transfer program to support out-of-school children.<\/p>\n

During the forum, Mr. Balisacan called on lawmakers to approve the Academic Recovery & Accessible Learning Program, which mandates students to take refresher courses in the summer break and address the learning gap. It also backed the passage of the Enterprise-Based Education and Training Framework Act to <\/span>f<\/span>it workers\u2019 skills to industry demands. <\/span><\/p>\n

Meanwhile, the World Bank also expects the country to reach upper middle-income status by 2026, but its key human capital indicators remain below the average of such an income class.<\/p>\n

\u201cWhether the Philippines will reach a high-income economy and developed status will really depend on investment in human capital today,\u201d Ndiam\u00e9 Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand said during the forum.<\/p>\n

The multilateral lender classi<\/span>f<\/span>ies the Philippines as a low middle-income economy, but the government is hoping it can gain upper middle-income status by next year.\u00a0<\/span><\/p>\n

Upper middle-income economies have a gross national income per capita of $4,466 to $13,845, according to the World Bank. \u2014 Beatriz Marie D. Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES has to take advantage of the changing population structure in the next 25 years, when the working-age population will outnumber dependents, according to the World Bank (WB). \u201cThe country has a 25-year window to harness the benefits of a changing population structure. So, the country will have a larger working-age population relative to [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18508,6922,14644,188,1572,10025,18507,5498,11,946],"class_list":["post-19446","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-25-year","tag-benefits","tag-bworldonline","tag-has","tag-philippines","tag-population","tag-reap","tag-window","tag-years","tag-young"],"yoast_head":"\nPhilippines has 25-year window to reap benefits of young population \u2014 WB - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/philippines-has-25-year-window-to-reap-benefits-of-young-population-wb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines has 25-year window to reap benefits of young population \u2014 WB - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES has to take advantage of the changing population structure in the next 25 years, when the working-age population will outnumber dependents, according to the World Bank (WB). \u201cThe country has a 25-year window to harness the benefits of a changing population structure. 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