Still exclusionary: growth fails to create quality work—IBON

Features Philippines Dec 4, 2015 at 3:51 pm

Growth in Philippine gross domestic product (GDP) in the third quarter is still not creating enough decent work for Filipinos and remains exclusionary. The services-driven growth is the reason for the prevailing jobs crisis in the country, research group IBON said

The GDP growth of 6.0% in the third quarter is faster compared to that of the first two quarters of the year. Government has already projected that growth will be even faster in the last quarter. According to IBON, however, this optimism seeks to give a positive spin to how economic growth of 5.6% in the first nine months of 2015 is still slower than in the same period last year.

Growth was driven by the services sector, which grew by 7.3%, with major contributions coming from trade, real estate, renting, and business activities. Agricultural growth was a tepid 0.4% while industry as a whole slowed to 5.4% from 7.8% last year. The manufacturing, construction and mining subsectors all registered slower growth from last year, the group noted.

(Read story…)