Education Sector Could Kick-Start Economic Growth in PH

The education sector is seen to be a crucial aspect of achieving faster economic growth in the country, according to Micheal Ricafort, Chief Economist of Rizal Commercial Banking Corporation (RCBC).

In an article by PNA, Ricafort emphasized that a highly educated workforce will play a pivotal role in driving the country to upper-middle income status.

He added that to reach such a feat, the country should leverage its large young population by investing in education to ensure that the working-age population is equipped with a high-quality education. With the workforce equipped with high-quality education, it leads to productivity, higher incomes, enhanced spending power, reduced poverty, and eventually, fostering rapid economic growth and development.

One key strategy is to prioritize the science, technology, engineering, and mathematics (STEM) courses. This will attract more high-value industries and help position the country as a competitive alternative to developed nations.

Ricafort also highlighted several areas in which the country must expedite economic growth. These include investments in infrastructure, healthcare, agriculture, and social services, especially in the poorest segments of society.

Moreover, the Department of Budget and Management has laid out its proposed 2024 national budget. P5.768 trillion or 21.8% of the country’s gross domestic product (GDP) is dedicated to the infrastructure, agriculture, health, and education sector. (ASC)