Join ANC PRESTIGE to get access to perks: https://www.youtube.com/channel/UCvi6hEzLM-Z_unKPSuuzKvg/join For more ANC Interviews, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU4AT2G3LWF27_RErcz0GVd9 For more Business Outlook videos, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU6TBYVPvgHTQWI2lYLCwbTM For more ANC Highlights videos, click the link below: https://www.youtube.com/playlist?list=PLm34qRgqWBU5gJ3Zls7EqjlC6dCw3aCji Subscribe to the ANC YouTube channel! https://www.youtube.com/user/ANCalerts Visit our website at https://news.abs-cbn.com/anc Facebook: https://www.facebook.com/ancalerts Twitter: https://twitter.com/ancalerts #ANCNews #ANCLivestream #BusinessOutlook

Video Transcript / Subtitles:( AI generated. About AI subtitles » )

* AI ("Artificial Intelligence") subtitles on Tagalog.com are generated using "Whisper" by OpenAI (the same company that created ChatGPT and DallE2). Results and accuracy may vary.
* The subtitles do include errors occasionally and should only be used as a tool to help with your listening practice.
* You can request this website to create a transcript for a video if one doesn't already exist by clicking the "Request AI Subtitles" button below a video. Transcribing usually takes 30-40% of the length of a video to complete if there are no other videos in the queue. For example, a 21 minute video will take 7-8 minutes to transcribe.
* Running a super fast cloud GPU server to do these transcriptions does cost money. If you have the desire and financial ability, consider becoming a patron to support these video transcriptions, and the other tools and apps built by Tagalog.com

Welcome to the Business Outlook. I'm Ron Kerr.

And I'm Salve Duplito.

The headlines.

Signs of recovery in the financial markets as U.S. futures and European markets rise.

Three Filipinos are confirmed dead from the massive flooding in Dubai.

And we talked to Hannibal Camo of the Philippine Business for Education or PBED

on their mission to future-proof the Filipino workforce.

A check on European markets.

They are mostly higher in afternoon trade as the earnings season in the region gathers steam.

The French CAC 40 up a third of a percent while the German DAX is flat.

As for Wall Street, futures are inching higher after yesterday's sell-off.

Investors also digesting comments from Fed officials with Cleveland Fed President Loretta Messer

saying she expects price-points.

The Fed has said that the U.S. inflation may have stalled due to economic pressures to ease further this year allowing the central bank to reduce borrowing costs.

Fed Governor Michelle Bauman on the other hand said progress on lowering U.S. inflation may have stalled.

On the economic data front, initial jobless claims are on tap.

Here are some stocks to watch out for.

We're monitoring shares of hypnosis.

The Music Intellectual Property Investment Company announced its board has recommended a sale to music rights investor Concord,

valuing the firm at $1.4 billion.

The stock surged 30% on the news.

Also in focus, shares of Nokia after the company posted a smaller-than-expected increase in first-quarter profit,

but its outlook remains unchanged.

Nokia shares last traded higher by half a percent.

We're also keeping a close watch on shares of Alaska Air Group,

which forecast a better-than-expected profit for the current quarter driven by strong travel demand.

Alaska Air Group shares are out of stock.

They're up 0.3% in pre-market trading.

Meanwhile, Asian markets ended Thursday trade higher as a relief rally takes hold.

The South Korean KOSPI outperformed, rising 2%.

The Hong Kong Hang Seng meanwhile trimmed some gains to close 0.8% higher.

Here at home, the local market extended its rebound on bargain hunting,

with the main index climbing back above the 6500 level.

All things being equal, we maybe have a sight towards the 7,000-7200 levels.

Even if we just chug along where we are, the down tide is really, you know, external events

like the Middle East conflict, continued or sustained high inflation.

And, you know, US and the Philippines not acting on interest rate movement.

So, towards maybe the second half of the year when these are expected and they don't come in,

then we probably will either not meet our targets for the PSE.

As for the Philippine peso, it again weakened slightly against the US dollar for its sixth day of depreciation.

It closed at 57.19, slightly lower than yesterday's 57.18.

There's so much development over a span of a short time and I think a lot of what's happening is really just

not thinking too much about it or think too much here.

If you see rate cuts coming into play in the next several months, then there's also the dollar should start to weaken, right?

So, I think that that's how we should generally escape.

So, I think that's how we should generally escape.

So, I think that's how we should generally escape.

All right.

The Philippine Economic Team makes a case for the Philippines as a compelling destination of choice for investors.

During the Philippine investors' dialogue held in Washington, D.C. Wednesday,

Manila's economic managers highlighted efforts to improve the investment climate in the country,

including reforms to streamline government processes and prudent fiscal management.

They also touted the accelerated rollout of the Marcos administration's infrastructure program

which is valued at over 160 billion dollars.

NEDA Secretary Arsenio Balissacan said the Philippine government continues its proactive approach

in seeking out investment and trade opportunities despite various external risks.

Three Filipinos are confirmed dead in the massive flooding in Dubai.

According to the Department of Migrant Workers Officer in Charge Hans Kakdak,

two of the Filipinos died due to suffocation inside their vehicle,

while the third was due to a vehicular accident.

He assures the families of the victims assistance will be given to them.

A rare storm dumped a year's worth of rain in just one day in the United Arab Emirates.

Heavy rainfall also battered neighboring Oman where 19 people have died.

President Ferdinand Marcos Jr. named as one of Time magazine's 100 most influential people for this year.

Time cited Marcos' efforts to rehabilitate his family's needs.

Marcos is the son of the late dictator Ferdinand Marcos Sr. who plundered billions

and declared martial law which left thousands dead.

Time also cited the younger Marcos' success in steadying the Philippines' post-pandemic economy

as well as elevating the country on the world stage.

Malacanang says Marcos' inclusion in the list reflects his brand of leadership

that puts national interest and the welfare of Filipinos above all else.

U.S. President Joe Biden calls for a peace agreement.

A tripling of tariffs on Chinese steel.

He told members of the Pennsylvania's United Steelworkers Union

that move would protect U.S. jobs against unfair competition.

Biden called Beijing xenophobic claiming Chinese prices on steel and aluminum are unfairly low

and that their actions have cost American steelworkers thousands of jobs.

My administration takes it very seriously that U.S. steelworkers along with four other unions

have asked us to investigate whether the Chinese government is using

anti-competitive practice to artificially lower prices in the shipbuilding industry.

We've heard you.

And if the Chinese government is doing that,

and the unfair taxes undermine free and fair trade competition in the shipping industry,

I will take action.

Beijing for its part slammed Biden's xenophobic comment calling it hypocritical.

The Chinese foreign ministry said the U.S. is full of false accusations

and is only blaming China for its own industrial problems.

And we're taking a quick break.

Up next, a discussion on future-proofing the workforce

with Philippine Business for Education's Hannibal Camua.

We'll be right back.

Up next, a discussion on future-proofing the workforce

with Philippine Business for Education's Hannibal Camua.

Welcome back.

The Human Rights Commission last year reported that Filipino youth are struggling to find jobs

due to a lack of soft skills,

and technical expertise.

And the rise of AI has only underscored

that need to upskill the workforce.

The Philippine Business for Education's Jobs Next program

is paving the way to future-proof the Filipino workforce.

And to tell us more about that,

we have PBED Deputy Executive Director for Programs,

Hannibal Camua.

Did I pronounce it right?

Correct.

So, Ron and I have been having a lot of anxiety attacks

about how many jobs AI will replace.

And your number was 18 million by 2025.

Yes, this is according to a study conducted

by the International Labor Organization.

18 million of the Filipino workforce are at risk

of losing their jobs due to automation and digitization.

How long is 2025 from now?

Just a couple of months.

18 million by 2025.

Exactly.

And so the preparation,

so that our people will not be left jobless,

should be starting already.

And PBED has started this actually last year

in the Jobs Next program.

Tell us about this.

Well, the Jobs Next program is really to prepare

our young entrants to the workforce,

the Filipino youth,

on to the jobs or training them for the jobs of tomorrow.

So when we say jobs of tomorrow,

it would include digital skills,

like, for example, basic data analytics,

data presentations.

Then it could even go onto specifics

like cybersecurity, cloud computing.

So by providing the young Filipino workforce

with these kinds of training,

we are opening them up to more opportunities

that the digitization and automation would bring.

And we believe, and of course,

there's evidence that points to this,

that the majority of the jobs of tomorrow

are actually driven

by automation, digitization, and AI.

Just a clarification, Bal.

Is this program already ongoing?

Or I read somewhere that it was a proposal

by Congressman Vargas.

It was filed in the previous Congress.

We're not sure if it has been filed

for the 19th Congress.

But this program of PBED has been running.

Yes, correct.

PBED has been implementing the Jobs Next project

since last year.

This is in partnership with the City,

the Foundation.

And part also of our advocacy in PBED

is to also push for legislative measure.

And that's also the reason why

when we partnered with the office of representative,

then representative, Alfred Vargas,

to file a bill that would institutionalize

this skills voucher program

to prepare our young workforce

for the jobs of the future

and the jobs of tomorrow.

So that's the reason why

the Jobs Next bill was filed.

Why did it have to take PBED

to succeed?

And if we started this program,

don't we have a program like that

being implemented by the different agencies

of the government that are related to education?

We have the DepEd, we have the CHED,

even maybe the TESTA.

Don't they have a coordinated effort to do this?

I think we all do fairness.

I think there's also that effort

from our government agencies

to make sure that the existing training programs

are also towards the direction of making sure

that the current workforce is exposed to our education.

that the existing training programs are also towards the direction of making sure that the current workforce is exposed to our education.

for the digital skills and automation.

But I think the value add of PBED's implementation of Jobs Next

is we wanted it to be more industry-specific.

We wanted it to be industry-driven,

such that we first look at the current labor market information,

local labor market information,

and make sure that when we train the youth for this certain job,

or for this certain skills, there are jobs waiting for them.

So technically, it's making sure that we address the skills gap.

We do not widen the skills gap.

We'd rather address it, make it narrower,

by making sure that the training is actually connected with an industry partner

and there are employment opportunities that are awaiting thereafter.

I think this is addressing a huge pain point in the Philippines.

You have a lot of graduates of BA Commerce.

A lot of Filipinos are actually graduates,

but there are no jobs.

There are no jobs available to them.

And with the AI trend, that's going to worsen.

Exactly.

I think this kind of program,

if we're being implemented as early,

or in this case, we expose our, let's say, senior high school students

that there are job opportunities in this area or in this sector,

it would, let's say, encourage them to build up a career in the sector.

And I think starting with...

Starting with a skills program,

starting with a foundational skills training that Jobs Next would offer,

and then specialized training already on the advanced learning pathways

of cybersecurity, data analytics,

that would actually bring them closer to the sector of digitization and automation,

which is what I've said.

And if evidence would point to this,

that most, majority of the jobs would be, of course, automated in this case.

Wait, wait, wait.

AI-driven.

Let me jump on this soapbox of mine.

That's going to make a college degree no longer extremely necessary.

It's going to make, you know, getting all of these certifications in six months,

you have a job, and it doesn't cost too much.

Exactly.

And I think that's one of our biggest advocacies in PBED,

that there's no need for a college degree

in order to land a decent and a well-paying job,

especially in this...

in the sectors wherein skills are, let's say,

the primary currency of that sector's labor market or labor...

in that sector's labor market.

So let's say, for example,

just in the field of, let's say, data analytics, right?

If you are trained or if a senior high school student would train,

let's say, on a specific data analytics training course,

after the training course, let's say, for three months or more or less,

a maximum of six months,

there are job opportunities,

waiting for that senior high school graduate,

particularly on being a data encoder.

And then what is even more interesting with this

is you can actually stock up this credentials.

So while you're being employed,

you can upskill further.

So you're from a level one, you become level two, three,

so on and so forth.

So as you upskill and you become...

you're trained on more specialized skills,

you're, of course, your salary or your pay gets higher and higher.

I am all for that, but I'm going to act as a devil's advocate.

If it's just going to be certification courses for students

and they don't have to finish a whole course in college,

won't they miss anything?

Maybe the basics and the foundations that are being taught

in senior high school and in college?

That's the reason why in the Jobs Next program,

we have a required foundational skills training,

wherein, of course, this does not mean that it would replace,

let's say, the general education that you learn in college,

but at the very least, this would prepare you for the real world of work.

So the foundational skills that would include basic communication skills,

critical thinking, problem solving,

and even just managing conflict in the workplace.

So these are actually required by the Jobs Next program

before our trainees can proceed to an advanced learning pathway.

Well, the GE education in regular schools are too long anyway.

And you don't even get financial education as part of that, right?

Now, Val,

tell us about how this came to be,

how many graduates you already have,

and what's your target for this year?

Well, the Jobs Next program is actually a partnership with the City Foundation.

Through the gracious grant from the City Foundation,

we're able to conceptualize this project

so that we are able to reach for the first year of implementation,

which was last year, our target levels, 1,000 youth trained.

And we are able to train more than 1,000.

And in the second iteration,

which is on this year of implementation,

we're looking to reach 4,000 youth.

And we're also adding up an employment target already.

So we're looking at those trained youth

should be transitioned to employment right after the training.

So I think it's also a model that we wanted to push with our local governments,

particularly with the mandate of decentralization.

So we want to model or to provide a proof of concept for local governments

that,

training programs,

workforce development training programs like this

that would benefit their youth and young workforce constituents

can be done at a local scale,

but then the impact would be,

like there's a bigger impact to the community.

How about the not so young anymore?

Does the PBED have any program for them?

I ask you this because we've talked about this in Singapore.

They would subsidize those people in the workforce

who are 40 years old and above in wanting to upskill themselves.

Does that work?

Does that work?

Does the PBED have some sort of a program for them?

Not necessarily with PBED,

but we are part of the EDCOM2.

If you're familiar with the Second Congressional Commission for Education.

And EDCOM2 is also focusing on lifelong learning,

wherein it's not training and skilling,

reskilling and upskilling.

It's not just, let's say, for the young workforce,

but also for, let's say, the older workforce,

which you're correct,

it's patterned from the Singapore Skills Future Model.

So I think the,

the Second Congressional Commission for Education

is really looking at that.

Right.

Because it's the existing workforce that's going to be concerned.

We're talking about 18 million jobs by 2025.

Correct.

Those already working now may lose their jobs by next year.

And just to add, it's not just on the new entrants,

as you said.

It's not just on the new entrants to the labor market,

but also already those who are in the sector,

but they need to level up.

They need to upskill so that,

that their current skill sets would be able to keep up

with the demands, let's say,

of a digitized or an automized job market.

Overall, the vision is,

because I'm seeing a lot of impact.

Of course, there's impact on the household level

so that more Filipinos are able to get the jobs

that they need with higher paying jobs.

You also have impact on the business level.

Correct.

Because we won't be as competitive as other countries.

Because big corporations will not be coming here.

If they don't get the workforce that they want.

And on the national level, of course, employment.

To make that happen, you have partnerships with everybody.

I feel like you have partnerships with LGUs.

Correct.

Who are these that are already in the fold?

And then you have partnerships with AWS

and what kind of other business corporations have already partnered with.

That's correct.

In terms of local government units, because that's what I've said,

we wanted to pilot a working model for local government units

that it's workable within.

And at the local level, so we've partnered with big cities

like Quezon City, of course.

Cagayan de Oro in Mindanao, we're also partners with them.

And also the Samar Province, we're partners with Samar Province,

Municipality of Arteche in Eastern Samar.

The Municipality of Irosin in Sorsogon, we're also partners with them.

Laguna Province, we're looking to strike a partnership with them

for the second iteration of JobsNEXT.

You have ILO-ILO as well.

ILO-ILO.

ILO-ILO Province, yes, of course.

Bacolod City, and then Himamaylan in Negros Occidental.

Because that's the beauty of doing training and then eventually employment in the digital world.

You can be anywhere in the world, you can be anywhere in the Philippines,

but again, you're gainfully employed just using your computer with an internet connection.

And that's where the investments of local governments come in.

If I may just highlight, some of our local government partners

have already made investments so that they are,

that there would be stable,

internet connections in their area.

So they've purchased Starlinks so that their JobsNEXT hubs,

where computers are located and where the youth could be able to access these programs,

would have stable internet connections.

So we're seeing promise there.

And the corporations, because you know,

it's very important that everybody who's listening will know it's AWS,

global companies who have come here to actually set up offices

and they need better and qualified employees.

Correct.

Okay.

So from the private sector side, so we have Amazon Web Services.

They have a very good training program,

which they call us the Restart Program.

And this is a skills training also for cloud computing,

also on cybersecurity.

Not necessarily that if they take a skills training on Amazon Web Services,

they would be employed by Amazon,

but rather because the certification issued by Amazon is actually recognized across the sector.

that would need services

on cloud computing, cloud

storage, would actually need

the skills of, let's say, a cloud

technician, or in this case, a

cybersecurity expert. So, Amazon Web Services

is a partner. We're also partners

with IBM, with

their Skills Build program. We're

partners with them. We also have

partners with training institutions

that actually helped us create and

co-develop the training programs that

are in our Jobs Next

microsite. What's the

hope or the vision

of having this institutionalized

by

hoping that it

would become a law in the

future? Correct. I think

the promise

of a scale for the

Jobs Next project is really there,

particularly just in terms of reach

and then of impact, and the

potential impact. So, of course,

we're working with our partners in

the government so

that we are able

to institutionalize this, either

through a law. In the previous

Congress, we were able to work with the office

of Representative

Alfred Vargas, and currently

we're exploring how are we

able to work with the Philippine government

so that these

mechanisms, or in this case,

these processes that we have established

in the implementation of Jobs Next can be

mainstream and be part of

the government's overall training

and skilling programs, perhaps through

TESDA, or perhaps through

the training programs also

that are offered by DICT.

But, of course, the promise, or

let's say, the idea,

the hope that it would be passed into

a law is still there. We're

working with our partners in

the House of Representatives and

in the Senate as well, so that

this can be institutionalized by

a law. I guess

the only thing remaining to be discussed

is assessing how good the

certification programs are. Like, are there

people who fail them?

Do you measure proficiency after

six months? So, there's actually

we did an impact study

from the previous implementation of Jobs

Next, from our Jobs Next 1.0.

But, from our implementation

of that, we didn't have an employment

metric.

So, after

we've trained the trainee and this

trainee had completed

the training, so the assessment

would be more on the post-test of

how adept

or how, let's say,

the levels of knowledge that this

trainee had already gained

from undergoing the foundational

skills training program and also the

advanced learning pathway.

We're also happy to report that

while we don't have an employment metric

for the Jobs Next 1.0,

we did have a feedback from our

impact study that

our trainees were employed.

There are some trainees that are already employed

with private sector companies.

That's great, Val. I hope to

invite you again when...

When the next impact assessment

report comes out.

And talk about the other programs.

About education. That's Ron's

personal favorite. Thank you, Val.

Thank you very much.

And that's your Vistas Outlook. I'm Ron Cruz.

And I'm Salve Dupito. The world tonight comes

your way at the top of the next hour.

Keep it here on ANC.