The Importance of Education in Philippine Economy
Submitted by: Leanne Kym Jane Lozañes
The study explains the significance of quality education to the employment of an individual and to the economy of the country. Several literature points out the poor quality of education in the public school system in the country. I argue that the national policy focuses on the quantity rather than giving emphasis on both the quantity and quality of education. The relevance of the human capital theory explains education as an important factor in producing a skilled-labor force which is the life-blood of the economy. Data acquired shows that the quality of public education system in the country is relatively low because of several factors pointed out by the respondents. Furthermore, it shows that most of the respondents regard education as an important factor in the future employment of the student. It is found that education is an important factor in the employment of an individual and it produces a skilled labor force (human capital) that is essential in building the economy. I concluded this paper that national policies should give more attention to the public school system in the country and that there should be guided transitions of individuals from school to the work. Introduction
The study explains the significance of quality education to the employment of an individual and to the economy of the country. Modern economies and societies are known to be knowledge-based - the manufacture and marketing of information (Steele & Price, 2008) - plays a vital role in the development of the economy and society. A knowledge-based economy is that which has the capacity to create, share and use knowledge and skills and utilize the human assets for the purpose of improvement and the general well-being of the people (Kefela, 2010; UNESCO, 2005; UNDP, 2008). This manufacture and marketing of information is manifested through education. Education is seen as an institution, as a process, and as an investment (Arcelo & Sanyal, 1987; Meyer, 1977; Weisbrod, 1971). Its role is mainly for the preservation, exploration and transmission of knowledge and preparation of the individuals to the world of work. Modern-day global economies prioritize the creation of well-educated workers.
In the Philippine setting, it is evidently seen that the Filipino culture highly regards education as a key factor to employment. Investment in education, therefore, must lead to stable jobs and higher income. Not only does education contribute to the welfare of the individual, but it also contributes to the labor force of the economy. The more educated the labor force is, the greater is the chance of the economy to grow because of various ideas and innovations that this labor force could create and utilize. With this, I argue that quality education is an important factor in the employment of an individual in modern-day economies and societies.
Studies conducted by the World Economic Forum (2011), the Philippines ranked 69 among 138 economies in the category: quality of educational system. One explanation that I can think of is that somehow, it seems that national policies focus more on quantity of education - raising the schooling levels of the population as seen in the Millenium Development Goal (Hanusshek & Woessman, 2007) instead of prioritizing the both the quantity and the quality of education. Several literature points out that there are factors that impede quality education in public school system in the country; and these are: academic inequality, lack of educational provisions, incompetence of teachers (Buendia, et al., 2011; Wallace, 2008; National Union of Students, 2010; Winkler, 2010).
In explaining my argument, I used the human capital theory. Labor takes one form of capital - the human capital; thus, the human capital theory explains quality education as an important factor in producing a skilled-labor force (the human capital)...
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