STRENGTHENING COMMUNITIES THROUGH YOUTH-LED ECONOMIC INITIATIVES IN SUPPORTING

SDG 8: DECENT WORK AND ECONOMIC GROWTH

Mc Larnel R. Aliluran, LPT
Youth Development Officer III
Biñan City Youth and Sports Development Office

It is my honor and distinct pleasure to be speaking to you today about a discussion on a topic that holds the
key to our future prosperity and social cohesion: "Strengthening Communities through Youth-Led Economic
Initiatives in supporting SDG 8: Decent Work and Economic Growth.”

As we gather here today, we are reminded of the profound potential that lies within our youth – a dynamic
force capable of driving innovation, fostering economic growth, and building resilient communities. Sustainable
Development Goal 8, which aims to promote sustained, inclusive, and sustainable economic growth, full and
productive employment, and decent work for all, is at the heart of our mission.

In an era characterized by rapid technological advancements and ever-evolving economic landscapes, the role
of young people has never been more critical. They are not only the beneficiaries of economic growth but also
the architects of our economic future. By empowering youth to lead economic initiatives, we can unlock new
opportunities, address unemployment, and stimulate local economies in ways that are both sustainable and
equitable.

As we embark on this journey, let us be inspired by the vision of a world where every young person could
realize their potential, contribute to their community, and help shape a more inclusive and prosperous society
for all.

By raising your hands, how many are

Where we are now?

 The youth unemployment rate in the Philippines remains high. As of the first quarter of 2023, the
youth unemployment rate stood at approximately 13.4%. (UN-Philippines)
 A significant percentage of young people are not in employment, education, or training (NEET). The
NEET rate for individuals aged 15-24 was around 20.5% in 2022. (PSA)
 A substantial portion of the workforce is engaged in informal employment, which often lacks job
security, benefits, and social protection. As of 2021, about 37.8% of the total employed population
were in the informal sector. (PSA)
 Income inequality persists, with the Gini coefficient, a measure of income inequality, standing at 0.42 in
2021. High income inequality can hinder inclusive economic growth and limit opportunities for the
broader population. (UN-Philippines)
 The COVID-19 pandemic had a severe impact on the Philippine economy, leading to job losses and
economic contraction. In 2020, the GDP contracted by 9.5%, and millions of Filipinos lost their jobs,
particularly in the services and manufacturing sectors (PSA) (SDGs-Philippines).

How do we see the resolution of this issues?

1. Youth Empowerment, Engagement, and Development

Providing youth with the necessary skills and knowledge through education and training programs. This can
include entrepreneurship workshops, financial literacy courses, and leadership training.

Connecting young people with experienced mentors who can guide them through the process of starting and
running economic initiatives.

Focusing on youth employment is vital for harnessing the demographic dividend and fostering innovation.

City Projects:
Our office provides trainings, workshop that holistically develop the skills and competencies of the youth.
2. Create entrepreneurship and innovation opportunities
Establishing funding mechanisms such as microloans, grants, and crowdfunding platforms specifically for
youth-led projects.

Creating incubator and accelerator programs that offer resources, networking opportunities, and support to
young entrepreneurs.

Setting up spaces where young people can experiment, collaborate, and develop new ideas. These spaces
can provide access to tools, technology, and expertise.

Organizing hackathons, business plan competitions, and innovation challenges to stimulate creative problem-
solving and entrepreneurial thinking among youth.

City Projects:
We celebrate Business Week annually and one of the highlights is the incubation projects of the youth. The
winners of this competition

3. Policies for Youth-led Economic Initiative

Advocating for policies that support youth entrepreneurship and economic participation, such as tax incentives,
simplified business registration processes, and access to business development services.

Ensuring that the legal and regulatory environment is conducive to youth entrepreneurship, including
protecting intellectual property and providing dispute resolution mechanisms.

Implement comprehensive Local Economic Development (LED) strategies that focus on attracting investment,
supporting local businesses, and creating jobs.

Establish business incubators and accelerators to support startups and small businesses, providing them with
resources, mentorship, and networking opportunities.

Offer job training and skills development programs tailored to local labor market needs, including vocational
training and apprenticeships.

Create targeted programs to reduce youth unemployment, such as internships, apprenticeships, and job
placement services.

Facilitate access to finance for SMEs through microloans, grants, and subsidized loans.

Provide business support services, including consulting, marketing assistance, and export promotion.

Promote sustainable tourism practices that create jobs and stimulate local economies while preserving cultural
and natural heritage.

Develop marketing campaigns to attract tourists to local attractions and support local businesses.

EXAMPLES OF SUCCESSFUL YOUTH-LED ECONOMIC INITIATIVES

 Businesses that address social issues, such as reducing waste, improving education, or providing
health services, while generating profit.
 Young innovators developing apps, platforms, or tech solutions that solve local problems or improve
efficiency in various sectors.
 Youth-led farms and agribusinesses that promote sustainable practices and improve food security.
 Initiatives that leverage local culture and arts to promote tourism and community pride.