The Parliament’s Finance and Estimates Committee says while government has committed to empowering its citizens, especially the youth, there is an inadequacy of measures in place to fight unemployment.
The committee indicated in its recent report that it is concerned with the high level of unemployment, especially amongst youths. According to the Quarterly Multi-Topic Household Survey, the unemployment rate for the quarter ending December 2020 was estimated at 24.5%.
Although the government has committed to implementing several Youth Empowerment Schemes including Tertiary Education Financing at P2.26 billion, the National Service Scheme at P135.72 million, and Youth Development Fund at P104 million, and Internship Programme at P98.83 million, the committee is, however, concerned that there is no emphasis on vocational and technical training as key strategies to address unemployment. “The committee has observed that other jurisdictions have introduced Youth Employment Tax Incentives intending to encourage businesses and companies to create employment opportunities for the youth,” read part of the committee’s report.
The committee also indicated that joblessness, poverty levels and inequality are rising. It warned that in the long-run increase in income inequities not only raise social and political concerns but also economic ones.
“It tends to drag down the GDP growth, due to the rising distance of the lower segment of the population from the rest of society.”
The committee said recent efforts