Global Financial Crisis – Philippines

MANILA – ELECTRONICS company Amkor Technology has laid off 1,500 workers from its two plants in the Philippines due to declining orders, a company official said on Friday.

THE Public Works Department will hire half a million laborers this year as part of the government’s pump-priming program to soften the impact of the economic crisis.

President Arroyo announced that a P1-billion livelihood support fund for displaced overseas Filipino workers (OFWs) is now available.

The local semiconductors and electronics export sector is already troubled by very slow orders these days and it does not help that companies are also finding it difficult to access credit lately, an industry official said.

It may not be a whole lot of money, considering the amounts really needed. But it’s a lot better than merely sniping at the government while thousands are already losing their jobs and any hope of improving their lives in the near future.

MANILA, Philippines — The Social Security System (SSS), the state pension fund manager for private employees, said its planned P12.5-billion contribution to the government’s economic stimulus package would require full government guarantee.

Although the government has allocated P100 million for a livelihood assistance fund for displaced overseas Filipino workers (OFWs) to start their own business, not many OFWs want to avail themselves of this fund and become entrepreneurs.

MANILA, Philippines –Thousands of workers are being forced to take a leave of absence or put in shorter hours as the global recession begins to take its toll on local industries, the Employers Confederation of the Philippines (ECOP) said.

A local waste and pollution watchdog yesterday urged the government to consider the creation of “green jobs” by expanding recycling programs.

Close to 50,000 jobs await returning workers displaced by the world economic crisis, the government said yesterday.

The country’s biggest labor group yesterday urged the government to make available its non-performing assets for the use of 500,000 Filipino workers who have been laid off or about to lose their jobs in the wake of the global financial crisis.

Labor Secretary Marianito Roque urged the Philippines’ Three Plus (3+) Social Partners, labor, management, government, industries, and other prominent sectors, to unite in enablinh the country ride out the global economic crisis, even as he bared that the Department of Labor and Employment (DoLE) has allotted some P402.852 million to urgently assist the workers displaced…

ALL pawnshops take “anything of value” as loan collateral, as the sign says out in front. But this one pawnshop, Agencia de Empeños de Makati, goes a lot further.

THE massive job cuts being implemented by manufacturers and exporters amid the global economic crisis may lead to an increase in the number of unredeemed pawned items.

MANILA, Philippines — Workers party-list Partido ng Manggagawa on Saturday pointed out the flaws in the action plan drafted at Friday’s Multi-sectoral Conference on the Global Financial Crisis organized by the Department of Labor and Employment.

MANILA, Philippines—How will Filipinos get through hard times? They will buy more lotto tickets.

A senior administration lawmaker yesterday called on the Department of Labor and Employment (DOLE) and the Department of Education (DepEd) to provide children of displaced workers access to school grants that can be used to pay their tuition, even if only in part.

A top Catholic cleric called yesterday for an employment summit to tackle the reported massive layoff of workers in the economic zones.

Pronouncements by Congress that the budget it approved last week is the country’s biggest defense against recession may turn out to be nothing more than hot air.

A TOP official has recommended a temporary stop to the firing of redundant state workers, saying it is necessary to avoid worsening the problem brought on by the economic crisis.

THE National Economic and Development Authority (NEDA) wants a moratorium on jobs cuts in the public sector amid the present economic difficulties.

A GLUT of office space has hit the Philippines property sector as cash-hungry foreign companies cut back on their export of back-office operations, an international property consultant said Thursday.

MANILA, Philippines — Workers who stand to lose their jobs due to the global economic meltdown can now call the Department of Labor and Employment (DOLE) for help at (632)527-4437.

The Department of Labor and Employment (DOLE) has doubled to P400 million its fund for the implementation of employment and livelihood assistance for the growing number of workers displaced due to the global economic crisis.

Rising unemployment would be a political nightmare for the Arroyo administration this year, posing a greater threat than potential external account weakness amid slowing exports.

Infra spending to ease demand woes–Citigroup   Nearly half-a-million Filipinos could lose their jobs, according to Citigroup. In a report, the US financial services giant said Philippine gross domestic product (GDP) is projected to grow 3 percent this year and recover to 4.6 percent next year. A proxy for a country’s economic output, GDP measures…

Around 30 protesters marched to the Overseas Workers Welfare Administration (OWWA) in Pasay City yesterday to denounce the government’s failure to deliver promised assistance to overseas Filipino workers.

Congress is looking at the possibility of setting up a regulatory body that will have jurisdiction over the rental housing sector to protect the rights of the renting public as well as lessors, Sen. Juan Miguel Zubiri said.

The national government should create an employment hotline for those affected by the global economic crisis, the National Economic and Development Authority (NEDA) said on Wednesday.

Up to 300,000 people could lose their jobs in the Philippines over the next six months as the global financial crisis deepens, Labor Secretary Marianito Roque warned on Wednesday.