Government regulators should invest in ramping up informal workers to leverage their potential as a driver of economic growth. 

Speaking at a high-profile Business Forum last week, Angkas CEO George Royeca urged policymakers and business leaders to recognize and empower the informal sector.

“There's been significant learning in understanding the potential of the informal sector. When you give it the recognition that it deserves, the potential that you can get from them is close to limitless,” Royeca said.

Royeca added that obtaining the government’s support is essential for this process.

For instance, recognizing and legitimizing motorcycle riders, especially from the informal sector of habal-habal or a two-wheeled colorum service, was important in jumpstarting the endeavor.

“The informal workers, such as boatmen, masseuses, and habal-habal drivers, are already working, but without the help of the government and financial services, and proper access to a lot of these different benefits.

What’s missing are policies in our economy that recognize them. Through recognizing the informal sector, we could reinforce their work, significantly boost the economy, and uplift millions of Filipinos almost overnight,” Royeca said.

Alongside access to government benefits, he stressed the need to provide avenues for economic mobility and fostering financial literacy.

“On top of the infrastructure, which we know is being taken care of by the private sector, let's take a look at the human aspect, the human capital, and how we make them informed and empowered members to strive in this economic ecosystem,” he said.

“The last frontier in human capital lies in empowering the individual workforce within each industry. We must push for the recognition and empowerment of the informal sector to foster nationwide progress,” he added.