Mark LEGEZA

Education and Work

According to the human capital theory, the economic development of a nation is a function of the quality of its education. In other words: better educated people have a greater chance to help economic development.

 

The modern world in which we live is often termed a "knowledge society"; education and information have become production factors potentially more valuable than labor and capital. Thus, in a globalized setting, investment in human capital has become a condition for international competitiveness.

 

The labour market plays a major factor with the present day Philippine economy, given that 10% for the Philippine population works abroad. And remittance has played a major role in helping the ecomony, given that we haven't re-capitalized on our export trading. 

 

Note: Remittances contributed as much as 8.5 percent to the Philippine gross domestic product (GDP) in 2014. Land-based workers remitted $18.7 billion, while seafarers transferred $5.6 billion. 

 

​One of the major challenges people have raised is short term contractual work (6 months). This does have its Pros and Cons (for employees). 

 

Advantages

• More jobs available for job seekers;

• Less barriers to entry;

• Higher gross salary;

• Flexibility for employee to “move on” / career planning; and

• No personal guilt when job hopping.

Disadvantages

• Lack career path; and

• Lack job security.