Global jobs data reveals gaps across gender, age–ILO By Justine Xyrah Garcia
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HE global labor market remains far from equitable as over 400 million people are either unemployed or unable to work due to systemic barriers, the latest International Labour Organization (ILO) report showed. The World Employment and Social Outlook: Trends 2025 report, released on Thursday evening, revealed that the so-called “jobs gap” reached 402.4 million last year, a 2.3- million increase from 2023. This figure encompasses 186 million unemployed individuals, 137 million classified as part of the potential labor force—primar-
ily discouraged workers who have stopped job hunting—and around 79 million unable to work due to caregiving responsibilities or other constraints. Despite the global unemployment rate holding steady at 5 percent, the labor organization said these numbers highlight persistent gaps and structural vulnerabilities in labor markets worldwide. “It provides an overall indication of shortfalls in both job creation and labor market participation,” the ILO report noted. The organization also found that women were among the hardest hit of the job gaps, with their gap recorded at 4.5 percentage points
higher than men’s globally. In low-income countries, this gap ballooned to 22.5 percent for women, compared to 15.2 percent for men. High-income countries, meanwhile, had the lowest gap rate where the rate for men was estimated at 7.1 percent and 9.3 percent for women. “Those barriers are often rooted in prevailing gender stereotypes and social norms and may include discrimination, fragmented and segregated labour markets, the unequal distribution of unpaid care work and care responsibilities, and gender-based violence and harassment,” ILO said.
Generational divide
ASIDE from gender disparity, the ILO also found a stark employment paradox between the youth and older workers. In 2024, youth unemployment (aged 15 to 24 years old) stood at 12.6 percent globally—more than double the adult rate—and reached alarming levels in Northern Africa (22.8 percent) and the Arab States (27.5 percent). Young women are particularly disadvantaged, with 28.2 percent classified as NEET (not in employment, education, or training), compared to just 13.1 percent of young men. See “Global,” A2
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ON PHL GROWTH GOAL By Reine Juvierre S. Alberto and Andrea E. San Juan
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HE Philippines likely missed its target of growing the economy by 6 percent in 2024 due to multiple typhoons that caused disruptions in the local farm sector and industries. “We probably did not hit our growth targets in 2024 because of the numerous typhoons,” Finance Secretary Ralph G. Recto said in a recent press chat. Economists from the De La Salle University (DLSU) said lower interest rates and tamer inflation did not help boost consumption—considered the main growth engine—due to stagnant wages. The economy grew at a weaker-than-expected pace of 5.2 percent in the third quarter, slower than the 6.4 percent recorded in the second quarter. At least a 6.5 percent growth is needed for the government to reach the low-end of its target for 2024. “If it hits 6 [percent] in the fourth quarter, I’ll be happy with that. I don’t think it will hit 6 percent for 2024, but I think it will surpass 6 percent in 2025,” Recto said. Previously, the Department of Budget and Management (DBM) said increased holiday spending will help the country achieve its full-year growth target of 6 to 7 percent. (See: https://businessmirror.com. See “Typhoons,” A2
DEVOTION TO THE SANTO NIÑO Philippine cities celebrated the Feast of the Santo Niño (Holy Child Jesus) on Sunday, January 19, 2025. In Las Piñas City, various sizes of the Santo Niño statues were paraded and blessed by a priest. In Sto. Tomas City in Batangas, performers of Barangay Santa Maria Elementary School participated in the Pasawit (Papuring Sayaw at Awit) Festival: Sto. Niño 2025 with the theme “Sto. Niño: Pag Ibig and panghalina para ihayag ang ebanghelyong naglalakbay ng sama-sama.” The festival was sponsored by the City Government of Sto. Tomas City, Batangas. The celebration included a mass in the morning, and a parade along Sto. Tomas proper and the final festival event at Saint Thomas Aquinas Academy gymnasium. NONIE REYES and ROY DOMINGO
EXTERNAL DEBT PAYMENTS RISE BY NEARLY 20% IN JAN-OCT
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HE Philippines’s external debt service burden (DSB) rose to $14.475 billion as of the end of October 2024, data from the Bangko Sentral ng Pilipinas (BSP) showed. Total foreign principal and interest payments increased by 19.84 percent or $2.397 billion in January to October 2024 from the $12.078 billion recorded in the same period in 2023. Principal of the total debt service burden reached $7.846 billion, higher by 23.57 percent from the $6.349 billion posted in the same period a year ago. Meanwhile, interest payments also recorded a double-digit increase. During the
10-month period, Interest owed amounted to $6.629 billion, up by 15.68 percent year-onyear from $5.730 billion. The increase in total external debt reaching $139.643 billion brought about by wider budget deficits in recent months required more borrowings, according to Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort. Both public and private sector external debt expanded year-on-year, reaching $86.882 billion and $52.762 billion, respectively. “Still relatively higher US and global interest rates also led to higher external debt service costs,” Ricafort said.
He also said there is a need for the government to manage foreign exchange risks that led to lower share of foreign borrowings in the government’s total borrowing mix. “It is a delicate balancing act to manage forex risks while also providing more tradable/ liquid benchmarks for the Philippine government’s global bonds in the international financial markets to also have a more diversified funding sources for the national government,” he said. In terms of ratios, that of DSB to export shipments went up by 30.9 percent in the 10-month period from 26.2 percent in the same period in 2023.
DSB to exports of goods, and receipts from services and primary income ratio settled at 11.7 percent in January to October 2024, higher than the 9.6 percent in 2023. The DSB to Gross Domestic Product (GDP) ratio increased to 3.9 percent in the 10-month period this year from 3.2 percent last year. Meanwhile, the DSB to Gross National Income (GNI) ratio inched up to 3.4 percent this year from 3.2 percent last year. In 2023, the full-year debt service burden reached $14.807 billion, marking the first time the debt service burden breached $10 billion since 1985. See “External,” A2
DMW treads slowly on OFW deployment ‘ban’ in Kuwait By Samuel P. Medenilla sam_medenilla
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VER 200,000 Filipino household service workers (HSW) in Kuwait may be affected if the government imposes a new deployment restriction for Kuwait following the recently reported deaths of two Filipino workers, Dafnie Nacalaban and Jenny Alvardo, in the Gulf State country, according to the Department of Migrant
Workers (DMW). In a news forum during the weekend, DMW Secretary Hans J. Cacdac disclosed this is one of their main considerations in their ongoing review of their deployment policy for Kuwait. “If our assessment will reveal that the suspension of deployment will help, then we will implement it,” Cacdac said in Filipino during the event. See “DMW,” A2
PESO EXCHANGE RATES n US 58.5010 n JAPAN 0.3772 n UK 71.6228 n HK 7.5126 n CHINA 7.9793 n SINGAPORE 42.8234 n AUSTRALIA 36.3408 n EU 60.2560 n KOREA 0.0402 n SAUDI ARABIA 15.5920 Source: BSP (January 17, 2025)