WB: PHL economic growth created jobs; wages need to catch up

World Bank headquarters in Washington, D.C. (Wikimedia Commons)

MANILA – The country’s economic growth in the last decade has generated enough jobs for Filipinos; however, many workers remain poor as wages have not caught up with the rising prices of goods and services, the World Bank said.

In “Labor Market Review: Employment and Poverty in the Philippines,” the Washington-based multilateral lender said the growth of real wages, wages adjusted for changes in prices of goods and services, has yet to catch up with the rising productivity. Hence, many workers remain poor.

The report, which analyzed local labor market performance, noted that with sound macroeconomic fundamentals and strong growth, the Philippines could address these challenges.

“Economic growth in the last 10 years has created enough jobs to absorb the growing labor force,” said World Bank Country Director Mara Warwick.

“For many Filipinos, however, the main challenge is having jobs that can lift them out of poverty,” Warwick added.