To create more employment for Filipinos, the country’s largest labor group yesterday urged the government to implement reforms that could encourage local businessmen to invest here.
Up to 1.6 million jobs could be generated in the country from the reported $10.4 billion investments abroad of wealthy Filipinos, the Trade Union Congress of the Philippines (TUCP) said.
“Assuming this sum is actively invested in new factories and productive ventures here, we reckon it can easily create 1,560,000 jobs,”
TUCP general secretary and former senator Ernesto Herrera said in a statement.
Herrera issued the statement in reaction to Bangko Sentral ng Pilipinas (BSP’s) report that affluent Filipinos have hoarded $10.4 billion in passive investments abroad.
The BSP said the wealthy Filipinos pour their money to work in foreign equities, money market and multi-currency accounts, bonds, deposit certificates and even precious metals.
According to Herrera, poor governance is the single biggest disincentive for wealthy Filipinos to invest their money in their own country.
“The problems of rampant corruption, smuggling and crime, for example, are essentially due to weak and inadequate law enforcement. And deficient law enforcement is a manifestation of poor governance,” Herrera noted.
He added that the problem of high lending rates also discourage local entrepreneurs from pouring their capital or expanding their business operations in the country.
But the former lawmaker said those passive investments abroad by Filipinos will come back once the government succeeds in carrying out meaningful reforms and able to achieve political stability and sustained economic growth.
With the investments, Herrera said the country would be able to generate new employment for at least 1.6 million jobless Filipinos at this time.
“Based on the rule of thumb a $100,000-investment is enough to produce at least 15 good-paying jobs, using as a model the country’s thriving information technology (IT)-enabled services industry,” he pointed out. — Mayen Jaymalin, Philippine Star
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour
