Global Financial Crisis – Philippines

MANILA, Philippines – Opposition Rep. Rufus Rodriguez disclosed yesterday that the much-publicized economic stimulus fund is worth only P10 billion and not P330 billion as administration officials claim.

MANILA, Philippines – Toyota Motor Philippines (TMP), the country’s largest automobile distributor, announced they are studying the possibility of cutting the benefits of local executives and freeze wages amidst the slowdown in vehicle demand.

Malacañang admitted that the country could see massive job losses this year, but said that the administration is working hard to counter the problem by creating jobs locally despite the current economic crisis.

Lito Vargas surveys the day’s catch of yellowfin tuna as they slide down the steel gutting table at the bustling port at General Santos city in the southern Philippines.

Low-paid Asian workers who toil long days to build the skyscrapers of Dubai have become the latest victims of the global financial crisis as companies run short of business and money.

BAGUIO CITY, Philippines – The Philippine Health Insurance Corp. (PhilHealth) will set aside P7 billion to help its members cope with the impact of the global economic crisis.

MANILA, Philippines – The Arroyo administration will not lay off government workers but instead hire tens of thousands of new employees to help stem unemployment in the country triggered by the global economic crisis, Budget Secretary Rolando Andaya Jr. said.

The Palace said the allocation for the economic stimulus package is not an old measure contrary to the statements of the independent think tank Ibon Foundation.

But government looking to hire 60,500 in 2009   The National Economic and Development Authority (NEDA) on Friday predicted that between 40,000 and 200,000 Filipinos would be laid off from work this year because of the global economic crisis.

Workers who have been displaced by the global financial crisis may avail themselves of free health services courtesy of the Philippine Health Insurance Corp.

MANILA, Philippines – Local companies have been affected by the downturn in the world economy as an estimated 30 percent of domestic firms have outstanding liabilities to utilities firms, the Federation of Philippine Industries (FPI) said.

MANILA, Philippines – President Arroyo has directed government agencies to set aside a portion of their maintenance and other operating expenses (MOOE) budget to fund the hiring of about 180,000 contractual workers nationwide to help reduce unemployment caused by the global economic crisis, officials said yesterday.

PRESIDENT Arroyo has ordered all government agencies to allocate 1.5 percent of their budget, or close to P7 billion, to hire 180,000 workers temporarily in the face of the global economic slowdown.

A GROWING number of foreign shipping companies looking to cut costs amid a global slowdown in trade are laying up their ships in Philippine ports, maritime officials said yesterday.

One of the biggest nickel mines in the country has suspended operations and cut more than 600 jobs, while Nissan Motor Philippines retired 15 percent of its workers.

MANILA, Philippines – European companies operating in the country announced they will be cutting their working days by 26 percent to cope with the continued slowdown in the global economy, the European Chamber of Commerce of the Philippines (ECCP) said yesterday.

ANGELES CITY, Philippines — President Arroyo said yesterday she is convinced that the country, despite the exports slowdown and rising layoffs, remains outside the scope of the global recession.

The global financial crisis has cost 5,400 Filipinos abroad and 34,000 in the country their jobs, Labor Secretary Marianito Roque said Wednesday.

THE government has spent close to half a billion pesos to place the previously unemployed or underemployed nationwide in various government projects, the National Anti-Poverty Commission (NAPC) reported.

MANILA, Philippines –  President Arroyo unveiled yesterday fresh measures to help stem rising unemployment in the country due to the global economic crisis, including the creation of “green collar jobs” to protect the environment.

Participants attending a day-long summit in Malacañang reached yesterday a national consensus on measures to support government efforts in promoting job security and helping Filipino workers cope with the global economic crisis. 

AS THOUSANDS of Filipinos face the prospect of being laid off due to the global financial crisis, President Arroyo has called for an intensified effort to place more workers overseas.

CITIBANK is hiring 1,000 more people as it expands its Philippine operations this year, country manager Mark Jones said yesterday.

THE government will allocate P25.12 billion to create 1.3 million new jobs and to send nurses to 1,000 of the poorest municipalities and “green-collar” workers to work in environment-related projects.

The Department of Labor and Employment (DoLE) yesterday said Malacañang will hold a multi-sectoral summit today aimed at saving jobs by helping industries cope with the impact of the global economic crisis, DoLE Secretary Marianito Roque said.

SINGAPORE: Charmaine Decena and her family had always dreamed of buying their own apartment in Singapore, but they are now staring at the possibility of returning to their hometown in the northern Philippines.

As the retention and continuous generation of local employment becomes the top priority amid these hard times, this year’s Investment Priorities Plan (IPP) would not only give perks to investment-generation activities but would also measure which among these would save jobs, the Board of Investments (BOI) said.

MANILA, Philippines — The administration will hold a multisectoral summit at Malacañang today to help workers and employers cope with the impact of the global financial crisis.

The Department of Social Welfare and Development (DSWD) will spend some P31.7 million for the implementation of the government’s employment and livelihood programs to help Filipinos here and abroad displaced as a result of the global economic crisis.

The government must categorically require users of the P330 billion economic stimulus package to buy locally made products and use Filipino contractors, the Federation of Philippine Industries (FPI) said.