The National Economic and Development Authority (NEDA) said it is expecting to see the demand for technology-adept workers expand further in the next five years with more businesses recovering and adopting digital processes.
NEDA director-general Arsenio Balisacan says the revised implementing rules and regulations (IRR) of the Telecommuting Act, which considers the evolving nature of work, is expected to encourage the further implementation of alternative work arrangements and consequently reduce commuting costs for workers and address the traffic situation in Metro Manila.
The recent enactment of structural reforms such as the economic liberalization laws and tax reforms, will help attract investments to the country and boost job creation in the near term, said Balisacan.
“To ensure that the Philippines reaps the demographic dividend, we will prioritize policies to develop our human capital stock further, improve worker productivity, and promote measures for the efficient movement of people by reducing transport costs,” Balisacan added.
“Good governance, particularly a strong rule of law, is also necessary for creating an environment conducive to promoting investments. In revitalizing our investment climate, the government is committed to ensuring that our regulations are transparent and conducive to long-term investment decisions.”
Balisacan also noted that the Philippines’ participation in the recent World Economic Forum (WEF) proved fruitful in promoting the Philippines as a prime investment destination in the Asean region.
“Given our relaxed mobility restrictions, sizeable domestic consumer market, and skilled labor force, now is the time to invest – we are more open now than ever for businesses to thrive in a wide array of industries: energy, water, logistics, transportation, agribusiness, infrastructure, manufacturing, tourism, health, education, and digital connectivity,” he added.
