Name: Human Capital

Icon: /photos/committee/icon/8/icon-human-capital.png

Content: <p>Human capital is one of the main assets of the Philippines and its economy. With a population of approximately 100 million, of which 52.7% are under the age of 25, and a median age of 23.5 years, the country offers a large pool of young talent.</p> <p><br /> The main competitive advantage of the Philippine workforce as compared to other countries in the region is the widespread proficiency in English. This is reflected in the rapid development of the BPM sector; in fact, in 2014 the IT-BPM sector reached over 1,000,000 employees nationwide.</p> <p><br /> However, competitiveness of the Filipino workforce is not limited to language skills; European investors have also highlighted cultural adaptability, customerservice mindset, and good work ethic as some of the main factors which guide their preference for Filipino employees.</p> <p><br /> In addition to human capital attracting foreign investors to the Philippines, it is also one of the most significant exports. Remittances by OFWs are one of the contributing factors to high economic growth in the past years and accounted for over 843.51 billion PhP in 2014 alone.</p> <p><br /> A commendable reform in the past years is the introduction of K-12 system to basic education in the Philippines as a result of which, since 2012 the Philippines has a 12-year education system in line with most countries in the region. </p> <p><br /> In addition to traditional tertiary education, there is a push towards TVET systems, such as the Dual Training System led by TESDA.119 The expected passing of the amended Apprenticeship Bill is expected to provide a substantial boost to this type of education.</p> <p><a href=";id=14">Click here to download A Brief Overview of the Philippine Human Capital Industry »</a></p>

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EPBN is a project co-funded by the EU and implemented by a consortium of European Chambers of Commerce based in the Philippines.

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