PH Job Creation And Poverty Reduction Commended By World Bank Group

World Bank Group Managing Director of Operations Anna Bjerde praised the Philippines for its progress in job creation and poverty reduction, noting that the country is among the few globally that have managed to achieve strong economic growth alongside significant improvements in people’s lives.

During a recent meeting with World Bank Group Managing Director of Operations Anna Bjerde, Finance Secretary Ralph G. Recto highlighted the country’s rapid economic growth and declining unemployment rate. I Photo: Department of Finance Facebook

During an Oct. 22, 2024, meeting, Finance Secretary Ralph G. Recto highlighted the country’s rapid economic growth and declining unemployment rate, which fell to 4% as of August 2024, translating to 49.2 million employed Filipinos.

Of these, 62.4% are in formal and stable jobs. Recto also noted the government’s success in reducing poverty incidence to 15.5% in 2023, with a goal of bringing it down to 9% by the end of President Ferdinand R. Marcos, Jr.'s term in 2028.

Managing Director Bjerde emphasized the potential benefits of the Bank’s newly launched High-Level Advisory Council on Jobs for further improving the Philippines’ labor market.

This initiative aims to address challenges in job creation, especially for youth and women, through actionable policies and programs.

Bjerde also commended the Philippines for enhancing gender inclusion in finance, social protection, and digitalization, as well as for its leadership in crisis and disaster response. The Philippines was the first country to sign the Rapid Response Option (RRO) agreement with the WBG, a model now followed by 25 other nations.

Secretary Recto reiterated his call for more concessional financing, which the WBG Board has addressed through reforms that include grace periods for paying fees and the removal of prepayment premiums.

A further package of pricing reforms is also under discussion.