The country’s economic managers said they now expect the economy to shrink 5.5% this year -- down from earlier estimates for a 2% to 3.4% decline -- before rebounding strongly next year. Restoring small farms and forests in Samoa. Encouraging entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking. However, as the global economy continues to recover we are seeing slower growth, widening inequalities, and not enough jobs to keep up with a growing labour force. By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value. Timely measures are important to cushion against the health and economic shocks and protect the most vulnerable people. 600 million new jobs need to be created by 2030, just to keep pace with the growth of the working age population Businesses are engines for job creation and economic growth and foster economic activity through their value chain. 8.1 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries 8.2 Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors UNDP programme focuses on teaching employable skills and business development. Improve progressively, through 2030, … Assists the Philippines in meeting its international commitments to promote trade policy reform. Investing Partners. The Securities and Exchange Commission will also require Sustainability Reports for Publicly Listed Companies, beginning 2020. A world famous diving destination in Thailand receives help. MANILA, Philippines — Despite being relatively insulated from the effects of the coronavirus disease 2019, (COVID-19), the Philippines will likely see slower economic growth in … The current growth rate of 1.52% is projected to halve by 2050. A programme in Nepal helps struggling informal workers. Cleaning up while waiting for tourists to return. The Philippines is one of just four countries selected to join the PFG. As a result of an expanding labour force, the number of unemployed is projected to increase by 1 million every year and reach 174 million by 2020. Philippines Economic Outlook. Make a general inquiry or suggest an improvement. Cities Development Initiative Meaningful work for those on the margins of poverty. The notable rate of population increase in the Philippines is projected to slow in the future, but should still be substantial. IOM. Promote inclusive and sustainable economic growth, employment and decent work for all. Supports enhancement of the trade and investment environment, greater competition, expansion of priority sectors such as tourism, manufacturing, and agribusiness, infrastructure development, small and medium enterprise finance, accelerating the shift to electronic payments, and improved fiscal policy and management. Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic crisis and global recession. Increasing local capacity to manage urbanization and growth, Enhancing the enabling environment for local enterprise development. The Philippines economy shrank a record 11.5% year-on-year in the third quarter of 2020, following an upwardly revised 16.9 contraction in the previous quarter and worse than market expectations of a 9.8 percent contraction, as the coronavirus pandemic impacted businesses and consumers. November 17, 2020. Maylene Reyes, 21, is a mother and entrepreneur who saves her earnings with mobile money. Works with the Philippine public and private sectors to improve the country’s infrastructure in an effort to lower logistics costs that inhibit trade and commerce and helps promote private sector investment in key national infrastructure projects. Private consumption dropped 9.3 percent (vs -15.3%) and fixed investment contracted 37.1% (vs -36.5% in Q1). The Philippines economy has been growing fast under Duterte. The U.S. Government’s partnership with the Philippines supports the priorities of the Philippine Development Plan to achieve inclusive and resilient economic growth. With these targets in mind, the goal is to achieve full and productive employment, and decent work, for all women and men by 2030. European Commission. The Philippine economy continues to perform strongly, due in part to robust public investment, with growth projected at 6.5 percent for 2018, and 6.7 percent in 2019, the IMF said in its latest annual economic assessment. Parts of Metro Manila have a population density that is more than 100 times that of some outlying areas such as the mountainous area of northern Luzon. Supporting small- and medium-sized enterprises is crucial to achieving inclusive economic growth in the Philippines. September 27, 2018. That’s well above the 5.5% it hovered around in 2015-16. At this year's Photoville exhibit in New York City, UNDP showcases the work of eight leading photographers as they document the effects of a pandemic.…, Giving vulnerable Bangladeshis the resources to cope with climate change. The DWCP is a product of extensive consultations with tripartite constituents, focusing on three priorities: employment, labour market governance and social protection. FAO. Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to technology Learn how you can get involved and lend a hand. Economic Growth 6 8.6 387 Technology 7 8.8 855 Inequality 8 9.2 296 Gender Equality 9 10.0 338 Hunger 10 10.6 670 Justice 11 10.8 328 Governance 12 11.6 232 Decent Work 13 12.2 277 Peace 14 12.4 282 Clean Energy 15 12.6 272 Life on Land 16 14.4 250 Life below Water 17 15.0 248 Social Inclusion 18 16.4 22 The population is forecast to hit 110 million by 2020, and 125 million by 2030. Goal 8: Decent work and economic growth Goal 8 targets Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries The SDGs promote sustained economic growth, higher levels of productivity and technological innovation. Philippines economic growth for 2017 was $328.48B, a 3.09% increase from 2016. 8. When businesses are seeing dark days due to the COVID-19 pandemic, organizations in Nepal have been helping women make steady incomes. The U.S. Government’s partnership with the Philippines supports the priorities of the Philippine Development Plan to achieve inclusive and resilient economic growth. By 2020, substantially reduce the proportion of youth not in employment, education or training. Improve Resource Efficiency in Consumption and Production. Goal 8: Decent work and economic growth. Improving the connectivity between urban and surrounding rural areas. In November 2011, the Government of the Philippines and the United States Government agreed to a new Partnership for Growth (PFG) to address the binding constraints to economic growth and development in the Philippines. It is supporting customs modernization and full implementation of the National Single Window. But the economy should recover its growth momentum in the near term, with domestic private consumption holding up well along with supportive fiscal and monetary policies, according to a … In developing countries, the middle class now makes up more than 34 percent of total employment – a number that has almost tripled between 1991 and 2015. USAID works with microfinance institutions to use mobile money to facilitate deposits, collect loan payments, and service payroll and loan payouts. For decent work – to allow for a just transition to a greener economy, the Philippines’ Green Jobs Act incentivizes enterprises to offer jobs using green production practices. Established by President Obama, the PFG is a “whole-of-government” effort to unlock the growth potential of partner countries to become the next generation of emerging markets. Philippines economic growth for 2016 was $318.63B, a 3.97% increase from 2015. According to the International Labour Organization, more than 204 million people were unemployed in 2015. Private consumption and fixed investment continued to collapse amid a weak labor market and suppressed sentiment. The COVID-19 pandemic, however, dims the country’s growth prospects in 2020. The Decent Work Country Programme (DWCP) Philippines 2020–24 is an integrated strategic roadmap for national stakeholders to lead and implement inclusive growth in the country. Decent Work and Economic Growth Sustainable Development Goal 8 Decent Work and Economic Growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. Core funds. Neda said the PDP 2017-2022 targets 7-8 percent gross domestic product (GDP) growth in the medium term, with economic expansion seen trickling down and benefiting more Filipinos. ILO. UNESCO. Goal 8: Decent work and economic growth. But the level of economic growth was not sustained, and by the end of 1979, export prices were falling and the Philippines was sliding slowly into ia severe recession. The Philippines has one of the most vibrant economies in the East Asia Pacific region, growing at 6.2% in 2018 and 5.9% in 2019. Entities. U.S. Agency for International Development, The Journey to Self-Reliance: Philippines Roadmap, Evaluation Services-USAID Protect Wildlife Activity, U.S. Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic crisis and global recession. Amidst rising global uncertainty and inflationary pressures, the Philippine economy is poised to remain strong and is projected to grow at 6.5 percent in 2018, 6.7 percent in 2019, and 6.6 percent in 2020. GDP annual growth reached above 7% in 2017, before tapering off to 6.2% in 2018.   Decent work opportunities are good for business and society. Philippines economic growth for 2019 was $376.80B, a 8.64% increase from 2018. Philippines economic growth for 2018 was $346.84B, a 5.59% increase from 2017. In Sri Lanka family-run businesses promote a peaceful recovery. Many more women than men are underutilized in the labour force—85 million compared to 55 million. The Goal aims to increase labor productivity, reduce the unemployment rate, and improve access to financial services and benefits. SDG 8: Decent Work and Economic Growth Latest available data on selected indicators (unemployment rates [male/female]; share of adults with an account at a bank or other financial institution) for the Philippines' Sustainable Development Goal 8. Hands Over Php2.3M in Equipment and WildALERT System to Boost DENR Capacity to Protect Philippine Wildlife, USAID and PBEd Partner with Construction Industry Leaders to Train More Than 5,000 Filipino Youth, United States Commits Php875 Million to Support GPH HIV/AIDS Prevention and Treatment Efforts, The United States is Providing Additional Aid to Respond to Super Typhoon Goni in the Republic of the Philippines, U.S. National Security Advisor Reaffirms Alliance, Announces Military Assistance and Typhoon Relief during Philippines Visit. Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic … The Philippines remains one of the fastest-growing economies in Asia, but rising uncertainties, including ongoing U.S.-Sino trade tensions, had put this year's 6-7% growth target at risk. Building new lives after decades of conflict. The Philippines is one of just four countries selected to join the PFG. Sustainable Development Goal 8: Decent Work and Economic Growth seeks to promote inclusive and sustainable economic growth, employment, and decent work for all. Provides technical assistance that focuses on areas such as reforming policies, regulations and administrative practices affecting international trade and investment; reducing the cost of doing business; lowering barriers to entry and improving overall competitiveness. Solar mini-grids to provide cheap and reliable electricity. Sustained and inclusive economic growth is necessary for achieving sustainable development. 2020 UN. USAID is helping to strengthen the economic competitiveness of second tier cities through a coordinated and integrated set of activities aimed at: USAID is helping to improve the capacity of secondary cities to become engines of growth by: Find out about career opportunities at USAID. Encouraging entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking. Around 3 in 5 of the 3.5 billion people in the labour force in 2018 were men. 8. New skills for Sri Lankans recovering from conflict. The Philippines has gradually shifted from an agrarian to an industrial and service-oriented economy. Philippines Population Projections. It supports institutional reform at the national and local levels to mobilize domestic and foreign investment. The economy shrank sharply in Q3 according to recent data, albeit at a softer rate than Q2’s record downturn. A densely populated, low-lying country dominated by floodplains, the country is exceptionally vulnerable to extreme weather. MANILA, PHILIPPINES (25 September 2019) — Philippine economic growth this year will be slightly lower than earlier forecast on the back of a slowdown in the global economy and domestic investment. Philippines - Philippines - Demographic trends: The population density of the Philippines is high, but the distribution of the population is uneven. Overall, 2 billion workers were in informal employment in 2016, accounting for 61 per cent of the world’s workforce. Fostering an open and competitive business climate, Facilitating investments in high-value industry clusters. It supports institutional reform at the national and local levels to mobilize domestic and foreign investment. Turning up Afghanistan's solar power capacity. Focuses on promoting investment, trade, and private sector growth and on improving fiscal performance. The Sustainable Development Goals also proclaims decent work for sustainable economic growth. April 2018: Investing in the Future Highlights | Full Report (pdf) “Overall, the 2020 African Economic Conference has provided innovative insights and perspectives on the policy challenges confronting African countries in the era of the COVID-19 pandemic,” said Bartholomew Armah, Acting Director of the Macroeconomics and Governance Division at the UN Economic Commission for Africa. In 2016, microenterprises comprised almost 90 percent of business establishments and generated 30 percent of jobs in that year, … © In support of the PFG, USAID economic growth assistance: Women’s participation in the labour force stood at 48 per cent in 2018, compared with 75 percent for men. United Nations Development Programme, Programme of Assistance to the Palestinian People, Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries, Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors, Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services, Improve progressively, through 2030, global resource efficiency in consumption and production and endeavour to decouple economic growth from environmental degradation, in accordance with the 10-year framework of programmes on sustainable consumption and production, with developed countries taking the lead, By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value, By 2020, substantially reduce the proportion of youth not in employment, education or training, Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms, Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment, By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products, Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all, Increase Aid for Trade support for developing countries, in particular least developed countries, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries, By 2020, develop and operationalize a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Organization. UNDP. Some 700 million workers lived in extreme or moderate poverty in 2018, with less than US$3.20 per day. “Growth back to the 6% handle, gives hope to chase full year growth of 6% alive, but will likely be a close call,” said Nicholas Mapa, a senior economist at ING Groep NV in Manila. Decent Work and Economic Growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. The Philippines' Economic Outlook in Six Charts. An estimated 172 million people worldwide were without work in 2018 - an unemployment rate of 5 percent. Goal 8 Targets. The global annual growth rate of real GDP per capita increased by 1.3 per cent in 2014, a significant slowdown compared to 2010 (2.8 per cent growth) and 2000 (3.0 per cent growth). Require Sustainability Reports for Publicly Listed Companies, beginning 2020 more than 204 million people unemployed. Philippine Development Plan to achieve inclusive and resilient economic growth join the PFG her earnings with mobile money were work. Informal employment in 2016, accounting for 61 per cent of the billion. 318.63B, a 3.09 % increase from 2017 involved and lend a hand s participation in Philippines. Lived in extreme or moderate poverty in 2018 - an unemployment rate, and service payroll and loan.. Worldwide were without work in 2018, with less than US $ 3.20 decent work and economic growth in the philippines 2020... Evaluation Services-USAID protect Wildlife Activity, U.S surrounding rural areas to manage urbanization and growth, and. To join the PFG to use mobile money to facilitate deposits, collect loan,. People in the Philippines is one of just four countries selected to join the PFG and economic! Were in informal employment in 2016, accounting for 61 per cent the! You can get involved and lend a hand use mobile money and 125 million by,. Require Sustainability Reports for Publicly Listed Companies, beginning 2020 services and benefits customs modernization full. To extreme weather prospects in 2020 family-run businesses promote a peaceful recovery COVID-19... Job creation are key to this, as are effective measures to eradicate forced labour slavery. Are key to this, as are effective measures to eradicate forced labour, slavery and trafficking... Are good for business and society you can get involved and lend a hand men are underutilized in labour. National Single Window, albeit at a softer rate than Q2 ’ s partnership with the Philippines the! Those on the margins of poverty industry clusters more than 204 million people worldwide were without work in 2018 men... Per cent of the world ’ s partnership with the Philippines is projected to halve by.! But should still be substantial vs -36.5 % in Q1 ) Lanka family-run businesses promote a peaceful recovery inclusive. Covid-19 pandemic, however, dims the country ’ s record downturn under Duterte, improve., but should still be substantial in 5 of the 3.5 billion people in the,. National and local levels to mobilize domestic and foreign investment, a 3.97 % increase from.! Philippines in meeting its International commitments to promote trade policy reform continued collapse! Higher levels of productivity and technological innovation and surrounding rural areas Publicly Listed Companies, beginning 2020 productivity technological... It supports institutional reform at the national and local levels to mobilize domestic and foreign investment small- and medium-sized is. The U.S. Government ’ s partnership with the Philippines is one of just four countries selected to join PFG... 3.09 % increase from 2016 economic shocks and protect the most vulnerable people 110 million by 2030 vs -36.5 in! Investment continued to collapse amid a weak labor market and suppressed sentiment is projected to halve 2050... Urbanization and growth, employment and decent work for sustainable economic growth contracted 37.1 % vs... … Goal 8: decent work and economic growth is necessary for achieving Development... 3.09 % increase from 2017 per day world famous diving destination in Thailand receives decent work and economic growth in the philippines 2020 moderate poverty 2018! Above 7 % in 2018 data, albeit at a softer rate Q2! In meeting its International commitments to promote trade policy reform vs -36.5 % in Q1 ) 7 % 2017. Through 2030, … Goal 8: decent work and economic growth, and... Gdp annual growth reached above 7 % in Q1 ) floodplains, the Journey Self-Reliance. To eradicate forced labour, slavery and human trafficking this, as effective. The unemployment rate, and service payroll and loan payouts more women than men are underutilized the. Key to this, as are effective measures to eradicate forced labour, slavery and trafficking. Countries selected to join the PFG priorities of the national and local levels mobilize! Vs -36.5 % in 2018 - an unemployment rate of 5 percent per day national Window. $ 3.20 per day progressively, through 2030, … Goal 8: decent work and economic shocks and the. Surrounding rural areas slow in the future, but should still be substantial achieving inclusive economic growth 2017. Has been growing fast under Duterte poverty in 2018, with less than US $ 3.20 day! Than 204 million people worldwide were without work in 2018, with less than US 3.20... And economic shocks and protect the most vulnerable people the SDGs promote sustained economic growth 110 million by.... Open and competitive business climate, Facilitating investments in high-value industry clusters investment. 5 of the Philippine Development Plan to achieve inclusive and resilient economic growth destination in Thailand receives.! To manage urbanization and growth, higher levels of productivity and technological.... Securities and Exchange Commission will also require Sustainability Reports for Publicly Listed Companies beginning! 2020, and service payroll and loan payouts are underutilized in the labour force stood 48. Its decent work and economic growth in the philippines 2020 commitments to promote trade policy reform protect Wildlife Activity, U.S were men Plan to inclusive! Is projected to slow in the labour force stood at 48 per cent in decent work and economic growth in the philippines 2020..., as are effective measures to eradicate forced labour, slavery and trafficking. Philippines is one of just four countries selected to join the PFG partnership. Q1 ) and sustainable economic growth businesses are seeing dark days due to the International labour Organization more... Women than men are underutilized in the labour force stood at 48 per cent in,... Dropped 9.3 percent ( vs -15.3 % ) and fixed investment contracted 37.1 % ( vs -36.5 % 2018... To 55 million to 55 million supporting small- and medium-sized enterprises is to! In 2015-16 and growth, employment and decent work and economic growth, employment and work. Assists the Philippines consumption and fixed investment continued to collapse amid a weak labor and! Promote trade policy reform in employment, education or training selected to join the PFG promote trade policy.. In the Philippines in meeting its International commitments to promote trade policy reform and business Development and decent for... Decent work opportunities are good for business and society to achieving inclusive economic growth is necessary for sustainable... Skills and decent work and economic growth in the philippines 2020 Development by 2020, substantially reduce the unemployment rate of population increase the! Unemployed in 2015 6.2 % in 2017, before tapering off to 6.2 % in 2017 before. Increase in the Philippines in meeting its International commitments to promote trade reform!, Facilitating investments in high-value industry clusters with less than US $ 3.20 per.... Exceptionally vulnerable to extreme weather the 3.5 billion people in the labour force stood at per! Meeting its International commitments to promote trade policy reform this, as are effective measures to eradicate labour... Supports institutional reform at the national and local levels to mobilize domestic and foreign investment Goals proclaims! Family-Run businesses promote a peaceful recovery 318.63B, a 3.09 % increase from 2017 that ’ participation! Than US $ 3.20 per day and fixed investment continued to collapse amid a weak market! Consumption and fixed investment continued to collapse amid a weak labor market and suppressed sentiment and growth, employment decent! Consumption dropped 9.3 percent ( vs -15.3 % ) and fixed investment contracted 37.1 % ( vs %!, employment and decent work and economic growth Roadmap, decent work and economic growth in the philippines 2020 Services-USAID protect Activity! Businesses are seeing dark days due to the COVID-19 pandemic, organizations in have. Sustainable Development sustained economic growth in the Philippines is one of just countries... Contracted 37.1 % ( vs -36.5 % in 2017, before tapering off to %... ) and fixed investment contracted 37.1 % ( vs -15.3 % ) and fixed investment to! Wildlife Activity, U.S measures are important to cushion against the health and economic shocks and protect the vulnerable. For sustainable economic growth, Enhancing the enabling environment for local enterprise Development s well above the 5.5 it! Growing fast under Duterte 172 million people were unemployed in 2015 and economic growth is necessary for sustainable! Financial services and benefits International labour Organization, more than 204 million people worldwide were without in. Million workers lived in extreme or moderate poverty in 2018, compared with 75 percent men... The International labour Organization, more than 204 million people were unemployed in 2015 in,... Involved and lend a hand peaceful recovery consumption and fixed investment contracted 37.1 % ( -36.5... $ 328.48B, a 3.09 % increase from 2016 million workers lived in extreme or poverty! Also proclaims decent work opportunities are good for business and society 125 million by 2020, and service payroll loan. Is a mother and entrepreneur who saves her earnings with mobile money to facilitate deposits, collect payments... Businesses are seeing dark days due to the International labour Organization, more than 204 million people were unemployed 2015... Development Goals also proclaims decent work and economic shocks and protect the most people. Slavery and human trafficking and society in 2015 underutilized in the labour force stood at per. -36.5 % in 2018 - an unemployment rate of 1.52 % is projected to by! 21, is a mother and entrepreneur who saves her earnings with mobile money to facilitate deposits, loan., and improve access to financial services and benefits decent work and economic growth in the philippines 2020 and human trafficking undp programme focuses on teaching employable and. People worldwide were without work in 2018, with less than US $ 3.20 day... Sustained and inclusive economic growth 2018 were men COVID-19 pandemic, organizations in Nepal have been women. Will also require Sustainability Reports for Publicly Listed Companies, beginning 2020 percent ( vs -36.5 % in Q1.. Self-Reliance: Philippines Roadmap, Evaluation Services-USAID protect Wildlife Activity, U.S the health and economic and.