PHOTO: Future of Jobs 2025 report via World Economic Forum
MANILA, Philippines — The Philippines’ labor market is expected to be disrupted by advances in technology, addressing skill gaps, and climate measures this year until 2030, highlighting the need to craft appropriate measures from stakeholders and policy leaders to respond to these challenges.
This is according to a new report by the World Economic Forum entitled “The Future of Jobs Report 2025,” which surveyed over 1,000 leading global employers — representing more than 14 million workers across 22 industry clusters and 55 economies — from May to September 2024.
Article continues after this advertisement“Broadening digital access and climate mitigation and adaptation efforts are expected to jointly shape labor market dynamics in the Philippines by 2030. With two-thirds of employers in the country identifying skills gaps as a barrier over the next half-decade, businesses are planning to scale up their reskilling efforts,” read a portion of the report.
FEATURED STORIES BUSINESS 68% of PH workers need to upskill, says WEF study BUSINESS Mining sector poised for growth BUSINESS Gen Zs driving boom: PH digital lending market to exceed $1B this yearREAD: IMF sees 36% of PH jobs eased or displaced by AI
A key specific trend highlighted by the report cited that 68 percent of Filipino workers are expected to require training to meet evolving skill demands, higher than the global average of 59 percent.
Article continues after this advertisementDespite this expectation, only 38 percent are reported to have completed training to date, which is substantially lower than the 50 percent global average.
online casino slots real moneyArticle continues after this advertisement“Employers operating in the Philippines anticipate that almost three in 10 workers will be upskilled and then redeployed to new roles,” said the report.
Overall retail sales rose unexpectedly by 0.1 percent from July to August at $710.8 billion, defying analysts’ anticipation of a 0.2 percent decline, according to Department of Commerce data.
The government aims to attain an “A” credit rating by the end of the Marcos administration in 2028. To achieve this rating, the Bangko Sentral ng Pilipinas has advised that the government should prioritize macroeconomic stability, fiscal sustainability, and good governance.
Article continues after this advertisementFrom a broader regional perspective, the report said technological advances, an uncertain economic outlook, and increasing geoeconomic fragmentation will shape the labor scene in Southeast Asia.
“To prepare for these disruptions and meet emerging business needs, employers headquartered in the region are particularly focused on upskilling their workforce,” said the report.
Article continues after this advertisementIt said that 96 percent are focused on this measure, compared to the 85 percent observed globally.
Additionally, the report cited that 86 percent of employers and businesses are focused on hiring staff with new skills, with a large number of these in the Philippines, Indonesia, and Malaysia expecting to address these challenges by facilitating internal job transitions.
In conclusion, the report said that the anticipated transformation of the jobs and skills landscape will have significant impacts on businesses, industries, governments, and workers.
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“It is crucial to develop nuanced forecasts, identify appropriate workforce and talent strategiesroyal circle club, and make informed decisions on managing disruptions to jobs and skills for employers and workers alike,” the report recommended.
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