The Philippines Human Capital Review
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Washington, DC: World Bank
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The Philippines has experienced
robust economic growth averaging 6.3 percent between 2011 to
2019. Despite a pandemic-induced contraction, it remains a
top performer in the region and is on track to reach Upper
Middle-Income Country (UMIC) status in a couple of years.
This growth and dynamism is due in large part to the talent
of Filipinos. According to this Human Capital Review (HCR)
Report for the Philippines, over 70 percent of the country’s
wealth is its people. It has a large and dynamic services
sector, which comprises around 60 percent of the economy, as
well as Overseas Filipino Workers (OFWs) contributing
remittances comprising another 8.5 percent of the economy in
2023. This report shows that the country trails behind
countries of similar levels of economic development in
quality of education, skills, and nutrition. Raising quality
of education and protecting health, especially in the early
years, will equip the next generation with the skills they
need to meet the demands of higher productivity and higher
paying jobs. Investing in the skills of this young
population is essential to fuel future growth and increase
household incomes. It will help the economy grow faster for
longer. If the Philippines focuses on inclusion, it can
narrow gaps and reduce inequality of opportunities in the
long-term. Investing in human capital of the poor and
vulnerable, including women and Indigenous Peoples who are
not part of the labor force but are skilled and educated,
will allow them to catch-up, reducing disparities. Women
have higher education levels than men but are less likely to
be in the labor force. Fostering more inclusive
participation in the labor market should further catalyze
human capital as a driver of poverty reduction. Another
unique feature of the Philippines is its large diaspora of
skilled people, a reservoir of talent working abroad in
various industries such as healthcare, maritime,
hospitality, and others. The country can benefit more from
its overseas workers who come home with higher level skills
and more experience. They can contribute to the development
of skills and industries within the Philippines. Future
economic growth, narrowing inequalities in income and
opportunities, and delivering real improvements in
well-being will depend in large part on investments in human
capital. This report shares important findings around
opportunities to improve service delivery for nutrition,
education, and health through support to local governments,
digital transformation of service delivery, and inclusion of
disadvantaged and vulnerable populations.
Palabras clave
HUMAN CAPITAL AND GROWTH, HUMAN CAPITAL ACCUMULATION, LABOR FORCE, DECENT WORK AND ECONOMIC GROWTH, SDG 8