However, “this is nothing more than the demographic transition. For the first time in our history, we have a larger proportion of working age individuals instead of those who are still in schooling and those who are retired,” according to Leonardo A. Lanzona, director of the Ateneo Center for Economic Research and Development.
“The young population, they consume a lot. actually the major mover or source of growth, plus investment. Investment… a lot of jobs, and along the way, you create a lot of consumption also,” Mr. Diokno said. According to the Philippine Statistics Authority , the youth labor force consisted of 7.3 million out of an estimated youth population of 20.14 million, or 36.25%, in May 2022.
“The problem is that our industry is regionally concentrated in only NCR, Calabarzon and Central Luzon. Unless we push our industries to the other regions, we will remain a fragmented economy regionally. But without the needed skills in these regions, this goal will not be feasible. The priority in infrastructure which the previous and current administrations have indicated will not returns if we do not engage in skills development,” Mr. Lanzona said.
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