Connect with us

Hi, what are you looking for?

News

19M workers need upskilling amid automation

MORE THAN 19 million Filipino workers will need additional training as more jobs are expected to be displaced by automation, McKinsey & Company said.

McKinsey & Company Senior Partner Kaushik Das said on Tuesday that the manufacturing, accommodation and food services, agriculture, and retail and wholesale sectors have the most automation potential in the Philippines.

“(A) pretty significant number of workers in each of these sectors can get affected or will get affected,” he said during the Arangkada online forum, referring to displacement based on existing technologies.

But Mr. Das also said that technology can also translate to the creation of millions of jobs.

“In the Philippines, I think we have various estimates of somewhere between 10 and 14 million new jobs over the next 10 years — how do you prepare your people for that?”

In April, the country’s unemployment rate surged to a 15-year high of 17.7% due to the lockdown. This translates to 7.25 million jobless Filipinos, three times more than the same month last year. The rate eased to 10% in July after restrictions were eased.

Mr. Das said private firms and the education sector will play important roles in economic recovery post-pandemic.

“We do think that this skilling and reskilling of people, of workers of scale — not reskilling a thousand people or 5,000 people but a million people over the next 18 months, that’s very important,” he said.

“That’s important for social reasons. It’s important for economic reasons. Empowering or figuring out a way to reach out to SMEs (small- and medium-sized enterprises) is very important.”

Mr. Das cited Singapore as a model, noting that its government created a facility with the private sector and the academe for research and learning.

Initial experimentation and training stages for small businesses is shouldered by the Singapore government, he said.

“There is a lot that governments can do to accelerate change, to accelerate adoption, and to take out the risks that some of these companies face in trying new technology.”

The Information Technology and Business Process Association of the Philippines (IBPAP) said that it is scaling down its upskilling pilot program due to disruptions caused by the pandemic. The industry group plans to start pilot classes online in January.

Victor Andres Manhit, Stratbase Group founder and managing director, said that the private sector plays a big role in creating jobs.

“Jobs will help boost the consumption-driven economy that has been the main driver of the economy,” he said, adding that beyond government, the civil society and private sector play a role in recovery.

“In the end, the government will not create the investments that will address the economy, it’s the private sector. So we need both sectors to work together, and you need to create that environment for the sector to feel confident that their investment will really prosper, and on their part indirectly the necessary economic recovery through job creation.” — Jenina P. Ibañez

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

Sales at Halfords shifted up a gear in the last quarter of 2020 as the bikes-to-car parts retailer rode a lockdown cycling boom. Its...

News

The Philippines’ dollar reserves reached a new all-time high as of end-2020, the central bank said on Friday. GROSS international reserves (GIR) — which...

News

More than 50 private sector groups are urging lawmakers to immediately enact a bill that would cut corporate income tax and streamline fiscal incentives....

News

After securing $13.36 billion in loans and grants from foreign sources to finance its pandemic response last year, the government is now seeking to...

News

Over 30,000 personnel will be needed in the government’s rollout of mass vaccinations against the coronavirus disease 2019 (COVID-19). If the initial rollout of...

News

The Supreme Court (SC) on Friday announced that oral arguments on petitions against the Anti-Terror Law that were to be held next week have...

You May Also Like

When people envision technology overtaking society, many think of The Terminator and bulletproof robots. Or Big Brother in George Orwell’s Nineteen Eighty-Four, a symbol...

Financial Advisors

Stock Markets9 hours ago (Jul 02, 2020 04:45AM ET) (C) Reuters. ROME (Reuters) – World food prices rose in June to post their first...

Economy

SAN FRANCISCO — The spread of the coronavirus has meant feast or famine for technology start-ups. While many are cutting staff and slashing costs...

Economy

In Wisconsin and Ohio, farmers are dumping thousands of gallons of fresh milk into lagoons and manure pits. An Idaho farmer has dug huge...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Respect Investment. All Rights Reserved.