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
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
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!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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