Manilla, July 15 -- Strategic reforms to boost job creation could help transform the Philippines into a middle-class society by 2040, according to a new World Bank report released yesterday.
The report said that a new playbook focused on creating more and better-paying jobs is increasingly urgent as the country confronts a new global context characterised by global uncertainty, rapidly evolving technologies with significant implications for jobs, and recurrent climate shocks.
To achieve the goal of becoming a middle-class society, the report said the Philippines needs to sustain annual growth of 6-10% for decades.
"Challenges remain," the World Bank said in a press release. "The Philippines still underperforms its peers in Asia ...