Benjamin E Diokno: Philippine economic outlook - positioning for recovery and growth Speech by Mr Benjamin E Diokno , Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the 52nd Annual FINEX Week Conference, virtual, 4 October 2020. 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. Meas-ures of the sustainability of economic growth based on material footprint and … FAO Philippines and the . global debate around decent work and development; and a national analysis in relation to the two country studies and a sectoral analysis in each case. The latest Global Wage Report from the International Labour Organization (ILO)reveals downward pressure on wages in two-thirds of the world’s countries during the COVID-19 pandemic, with the crisis hitting the lowest paid hardest. 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 What is decent work and how does it relate to poverty reduction? Sustained and inclusive economic growth is necessary for achieving sustainable development. While the agriculture sector in the . One in ten people in the world lived on less than USD 1.90 in 2015, and in too many places, having a job doesn’t guarantee the ability to escape from poverty. MANILA (Philippine Daily Inquirer/ANN): Banking regulators are working closely with both chambers of Congress for the passage of key legislative measures and … Sustainable ... and decent work for all. Globally, annual GDP growth declined from 4.4% in 2000 to 3.2% in 2017. The Philippine Development Plan 2017-2022 indicates that harnessing the demographic window, a condition where the majority of the population is young and in good health, and has the right skill set to be highly productive, is key in reducing poverty and achieving inclusive growth in the medium-term and long-term. The Philippines has gradually shifted from an agrarian to an industrial and service-oriented economy. Key mechanisms for attaining inclusive growth for women requires expanding employment opportunities and decent work outcomes for women to promote gender equality in labor markets. A Philippine social protection and economic recovery plan. March 22, 2020 | 10:16 pm. After all, growth can be antithetical to development in so many ways. Philippines’ economy largely depends on the remittances from the Filipinos residing overseas and investing in the homeland. Until Covid-19 ... or about 10% of the population, work abroad at any given time, cooking, cleaning, providing care, building things and … 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 It expects economic contractions of 8.2% for Thailand, 6.9% for Malaysia and 3.3% for Indonesia, as well as 1.5% growth for Vietnam. The Challenge. In only six months, COVID-19 has reached every part of the world with long-term effects on food systems, food security and nutrition. ... Work-related expenses for those who work from home should be deductible from taxable income, with rules to be liberally applied for one fiscal year. Then the pandemic hit. 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. “The Philippine Government, as well as the private sector will need to address issues on uncoordinated production and inequitable distribution by promoting decent jobs and local opportunities for career development, if they are to retain adequate number of appropriately trained nurses for the needs of the health system,” said Drs. In the Philippines, FAO’s work is directly . However, in recent years, growth has steadily declined from its peak levels in the early 2010s. The Philippines’ updated medium-term development plan to ultimately reduce poverty and revert to economic growth after a pushback from the COVID … “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. The COVID-19 pandemic, however, dims the country’s growth prospects in 2020. The Philippine economy contracted by 10.0 percent, year-on-year, in the first three quarters of 2020, given the triple shock brought by the Coronavirus disease (COVID-19) pandemic. The Securities and Exchange Commission will also require Sustainability Reports for Publicly Listed Companies, beginning 2020. Economic growth in the Philippines, however, has not translated into sufficient employment growth and the employment growth has not been inclusive for women. The Philippine economy continues to perform strongly, with growth projected at 6.5 percent for 2018, and 6.7 percent in 2019. 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. For many poor people, work is a major route for escaping poverty. Later, at the 2005 UN World Summit, countries agreed to make employment and decent work for all a central objective of development strategies to support fair globalisation. Philippines employs a third of the ... economic growth and the eradication of rural poverty. According to the International Monetary Fund, the Philippines’ economy … Insufficient infrastructure has been a major constraint to economic growth and poverty reduction in the Philippines. To ensure that growth benefits everyone, the government will need to strike the right balance between maintaining a strong and stable economy, while continuing to prioritize reforms that raise living standards. 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. Socio-economic wise, the Philippines, like any other country that has been hit by the pandemic has suffered enormously. The Decent Work Agenda was formulated by the ILO in 1999. decent work. 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). Highlights of the baseline status of the region are based on GDP per capita, GDP per worker, unemployment rates, informal employment and access to financial services. While 690 million people in 2019 went to bed hungry, the pandemic might push between 83 to 132 million more people to hunger in 2020. More than 10 million Filipinos are currently living abroad. 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