April 26, 2018, 7:38 pm
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PH human capital ranking falls a notch

The Philippines’ ranking in the latest World Economic Forum’s (WEF) Human Capital Index fell by one notch from the previous year, having developed 64 percent of its human capital.

The Human Capital Report 2017 measures 130 countries against four key areas of human capital development namely, capacity which is largely determined by past investment in formal education; deployment which is the application and accumulation of skills through work; development which is the formal education of the next generation workforce and continued upskilling and reskilling of existing workers; and know-how which is the breadth and depth of specialized skills-use at work.

The Philippines’ ranking in 2017 fell from the 49th spot in last year’s report, when it optimized 71.8 percent of its human capital.

“A strong positive is its capacity for human capital (rank 19 overall). However, it has been less successful in building capacity among younger generations suggesting some attention is needed in this respect,” WEF said.

“Its largest failing comes in our deployment pillar where it ranks 87th, not least due to weak labour force participation (101st) and employment gender gap (102nd) in the key 25-54 age group,” it added.

Among the East and the Pacific countries included in the report, the Philippines ranked ninth, placing below New Zealand, Singapore, Japan, Australia, Korea, Malaysia, China, and Thailand.

Globally, Norway, Finland, Switzerland, the United States, and Denmark topped the list.

“Efforts to fully realize people’s economic potential – in countries at all stages of economic development – are falling short due to ineffective deployment of skills throughout the workforce, development of future skills and adequate promotion of ongoing learning for those already in employment,” the WEF said.

“These failures to translate investment in education during the formative years into opportunities for higher-quality work during the working lifetime contributes to income inequality by blocking the two pathways to social inclusion, education and work,” it added.
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