Global Financial Crisis – Philippines

MANILA, Philippines – The number of poor people in the Asia-Pacific Region is likely to increase as a result of the economic crisis and rising unemployment, according to a United Nations survey that was released Thursday.

SANTO TOMAS, Pangasinan, Philippines – The Department of Labor and Employment (DOLE) said the Philippines has weathered the global financial crisis better than expected and could already be experiencing a rebound in some sectors.

Local job losses daily declined to 397 this month, the lowest since January 2009, after several Filipino workers here and abroad were displaced by the global economic crisis, the Department of Labor and Employment (DoLE) said Monday.

MANILA, Philippines (Xinhua) — The country’s manufacturing sector slowed down with January’s factory output declining by 19.9 percent on year, the National Statistics Office said today.

MANILA, Philippines – Countries in Southeast Asia including the Philippines are likely to find it difficult to fully benefit from their economic stimulus programs because of their high government debt ratios, Moody’s Economy.com, a unit of Moody’s Investors Service, said in a paper on stimulus spending.

The first job, like first love, is a milestone in a young person’s life. A great sense of accomplishment accompanies first time employees, a vindication of the college diploma and a demonstration of self-worth.

THE National Economic and Development Authority (NEDA) said it would recommend a P6-billion unemployment insurance program for Filipinos who lost their jobs due to the global financial crisis.

very adjustment in our projected economic growth rate for this year has been downwards. That is not very encouraging.

MANILA, Philippines — Exporters based in the Northern Mindanao region will maintain their employee numbers despite significant decline in sales, according to a survey by the Confederation of Philippine Exporters Foundation Region 10 Inc.

MANILA, Philippines — TECHNICALLY, YOU DO NOT CUT cost; you cut wastes or “unnecessary cost.”

IN GOOD TIMES or bad, people go out to drink, either to celebrate or get totally wasted. Either way, club and bar owners have always had it good.

MANILA, Philippines – Don’t be choosy, take the emergency job.

SUBIC BAY FREEPORT , Philippines  – Philippine economic managers, together with Bangko Sentral ng Pilipinas (BSP) officials, urged the Central Luzon business community to take advantage of the stable and resilient economic environment created by the government in past years through tough economic reforms.

MANILA, Philippines – Domestic tourism is alive and well, and will help the industry and the whole economy survive the international financial meltdown, according to one of its business leaders.

MANILA, Philippines—Amid the economic downturn, more people are hunting for jobs online, particularly through a site hosted by the Department of Labor and Employment (DoLE).

MANILA, Philippines – Socioeconomic Planning Secretary Ralph Recto yesterday assured that the government would step up efforts to address the rising unemployment rate in the country.

MANILA, Philippines – Despite its resilience, the Bangko Sentral ng Pilipinas (BSP) said the Philippine economy is still sensitive to a deeper and protracted global economic downturn requiring prompt and decisive policy action.

More Filipino workers here and overseas are facing retrenchment in the coming months, the Department of Labor and Employment (DOLE) reported yesterday.

Thousands of Filipino seamen working for Japanese shipping companies face downsizing this year, as vessels are laid up because of the sharp fall in world trade, an official said Wednesday.

The P1.4-trillion General Appropriations Act for 2009 purportedly contains an economic stimulus package worth P330 billion, the equivalent of about $6.8 billion. However, only P30 billion, or about $613 million, are actually “new” allocations, according to Dr. Rene Ofreneo, executive director of the Fair Trade Alliance (FairTrade).

IN AN EFFORT TO MITIGATE rising unemployment, Socioeconomic Planning Secretary Ralph G. Recto is pushing for the quick deployment of retrenched overseas Filipino workers to countries that are not as severely affected by the global financial crisis.

MANILA, Philippines – Fresh college graduates will have jobs to look forward to as the Department of Labor and Employment (DOLE) announced yesterday the availability of over 50,000 local jobs.

As job opportunities dry up in the US and the rest of the western world due to the brutal financial crisis, some Filipino executives, who left early on for greener pastures, are returning home in search of work.

THE global economic turmoil is taking its toll on the Philippine shipping industry as shown by the contraction in passenger and cargo growth last year.

The Social Security System (SSS) announced Monday that it is offering an emergency fund for workers who lost their jobs because of the global financial crisis.

Senator Mar Roxas is batting for a two-year moratorium on the mandatory premium contributions of all workers to the Pag-IBIG Fund.

MANILA, Philippines – The Makati Business Club (MBC), the country’s most powerful business organization, announced they are not in favor of mandating all contractors to strictly use locally made products for the infrastructure projects under the government’s pump priming program.

MANILA, Philippines – Economic officials said the P40-billion recapitalization of the Bangko Sentral ng Pilipinas (BSP) could still be included in the stimulus plan if planners would agree to raise the deficit ceiling this year.

The Bangko Sentral ng Pilipinas (BSP) now estimates the effects of the global downturn on the local economy to last at most one and a half years more, which was longer than its initial estimates.

PRESIDENT Arroyo has ordered all government agencies to save money so they can set aside P7 billion to hire 180,000 people displaced by the global financial crisis.