March 26, 2017, 7:40 am
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1 Philippine Peso = 0.07295 UAE Dirham
1 Philippine Peso = 2.48788 Albanian Lek
1 Philippine Peso = 0.03556 Neth Antilles Guilder
1 Philippine Peso = 0.3095 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03556 Aruba Florin
1 Philippine Peso = 0.03973 Barbados Dollar
1 Philippine Peso = 1.59217 Bangladesh Taka
1 Philippine Peso = 0.03602 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 33.62574 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02782 Brunei Dollar
1 Philippine Peso = 0.13667 Bolivian Boliviano
1 Philippine Peso = 0.06237 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.30066 Bhutan Ngultrum
1 Philippine Peso = 0.20198 Botswana Pula
1 Philippine Peso = 397.69567 Belarus Ruble
1 Philippine Peso = 0.03968 Belize Dollar
1 Philippine Peso = 0.02656 Canadian Dollar
1 Philippine Peso = 0.01978 Swiss Franc
1 Philippine Peso = 13.15634 Chilean Peso
1 Philippine Peso = 0.13692 Chinese Yuan
1 Philippine Peso = 57.86254 Colombian Peso
1 Philippine Peso = 10.93802 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.03496 Cape Verde Escudo
1 Philippine Peso = 0.49851 Czech Koruna
1 Philippine Peso = 3.5151 Djibouti Franc
1 Philippine Peso = 0.13724 Danish Krone
1 Philippine Peso = 0.93127 Dominican Peso
1 Philippine Peso = 2.1644 Algerian Dinar
1 Philippine Peso = 0.28863 Estonian Kroon
1 Philippine Peso = 0.35856 Egyptian Pound
1 Philippine Peso = 0.45093 Ethiopian Birr
1 Philippine Peso = 0.01845 Euro
1 Philippine Peso = 0.04108 Fiji Dollar
1 Philippine Peso = 0.01589 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08837 Ghanaian Cedi
1 Philippine Peso = 0.86869 Gambian Dalasi
1 Philippine Peso = 183.55185 Guinea Franc
1 Philippine Peso = 0.1458 Guatemala Quetzal
1 Philippine Peso = 4.10191 Guyana Dollar
1 Philippine Peso = 0.1543 Hong Kong Dollar
1 Philippine Peso = 0.46583 Honduras Lempira
1 Philippine Peso = 0.13612 Croatian Kuna
1 Philippine Peso = 1.34644 Haiti Gourde
1 Philippine Peso = 5.70143 Hungarian Forint
1 Philippine Peso = 264.73977 Indonesian Rupiah
1 Philippine Peso = 0.07242 Israeli Shekel
1 Philippine Peso = 1.29991 Indian Rupee
1 Philippine Peso = 23.46047 Iraqi Dinar
1 Philippine Peso = 644.02066 Iran Rial
1 Philippine Peso = 2.20501 Iceland Krona
1 Philippine Peso = 2.54927 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.21154 Japanese Yen
1 Philippine Peso = 2.04112 Kenyan Shilling
1 Philippine Peso = 1.37288 Kyrgyzstan Som
1 Philippine Peso = 78.68693 Cambodia Riel
1 Philippine Peso = 9.14978 Comoros Franc
1 Philippine Peso = 17.87843 North Korean Won
1 Philippine Peso = 22.29479 Korean Won
1 Philippine Peso = 0.00604 Kuwaiti Dinar
1 Philippine Peso = 0.01629 Cayman Islands Dollar
1 Philippine Peso = 6.28526 Kazakhstan Tenge
1 Philippine Peso = 163.01152 Lao Kip
1 Philippine Peso = 29.90465 Lebanese Pound
1 Philippine Peso = 3.01549 Sri Lanka Rupee
1 Philippine Peso = 1.78784 Liberian Dollar
1 Philippine Peso = 0.24851 Lesotho Loti
1 Philippine Peso = 0.06056 Lithuanian Lita
1 Philippine Peso = 0.01233 Latvian Lat
1 Philippine Peso = 0.02811 Libyan Dinar
1 Philippine Peso = 0.19785 Moroccan Dirham
1 Philippine Peso = 0.38468 Moldovan Leu
1 Philippine Peso = 1.12515 Macedonian Denar
1 Philippine Peso = 27.19507 Myanmar Kyat
1 Philippine Peso = 48.70878 Mongolian Tugrik
1 Philippine Peso = 0.15892 Macau Pataca
1 Philippine Peso = 7.09178 Mauritania Ougulya
1 Philippine Peso = 0.69785 Mauritius Rupee
1 Philippine Peso = 0.30671 Maldives Rufiyaa
1 Philippine Peso = 14.24096 Malawi Kwacha
1 Philippine Peso = 0.3761 Mexican Peso
1 Philippine Peso = 0.08802 Malaysian Ringgit
1 Philippine Peso = 0.24708 Namibian Dollar
1 Philippine Peso = 6.25745 Nigerian Naira
1 Philippine Peso = 0.58244 Nicaragua Cordoba
1 Philippine Peso = 0.16898 Norwegian Krone
1 Philippine Peso = 2.0729 Nepalese Rupee
1 Philippine Peso = 0.02831 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06437 Peruvian Nuevo Sol
1 Philippine Peso = 0.06286 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08244 Pakistani Rupee
1 Philippine Peso = 0.0787 Polish Zloty
1 Philippine Peso = 111.14024 Paraguayan Guarani
1 Philippine Peso = 0.07233 Qatar Rial
1 Philippine Peso = 0.08402 Romanian New Leu
1 Philippine Peso = 1.13951 Russian Rouble
1 Philippine Peso = 16.2352 Rwanda Franc
1 Philippine Peso = 0.07449 Saudi Arabian Riyal
1 Philippine Peso = 0.15454 Solomon Islands Dollar
1 Philippine Peso = 0.26917 Seychelles Rupee
1 Philippine Peso = 0.13244 Sudanese Pound
1 Philippine Peso = 0.17566 Swedish Krona
1 Philippine Peso = 0.02783 Singapore Dollar
1 Philippine Peso = 0.0159 St Helena Pound
1 Philippine Peso = 0.44112 Slovak Koruna
1 Philippine Peso = 142.70957 Sierra Leone Leone
1 Philippine Peso = 10.90584 Somali Shilling
1 Philippine Peso = 452.14739 Sao Tome Dobra
1 Philippine Peso = 0.17327 El Salvador Colon
1 Philippine Peso = 10.23004 Syrian Pound
1 Philippine Peso = 0.24791 Swaziland Lilageni
1 Philippine Peso = 0.68872 Thai Baht
1 Philippine Peso = 0.04503 Tunisian Dinar
1 Philippine Peso = 0.04577 Tongan paʻanga
1 Philippine Peso = 0.0722 Turkish Lira
1 Philippine Peso = 0.13328 Trinidad Tobago Dollar
1 Philippine Peso = 0.60552 Taiwan Dollar
1 Philippine Peso = 44.25904 Tanzanian Shilling
1 Philippine Peso = 0.53754 Ukraine Hryvnia
1 Philippine Peso = 71.25546 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.55781 Uruguayan New Peso
1 Philippine Peso = 70.42114 Uzbekistan Sum
1 Philippine Peso = 0.19815 Venezuelan Bolivar
1 Philippine Peso = 451.90703 Vietnam Dong
1 Philippine Peso = 2.11462 Vanuatu Vatu
1 Philippine Peso = 0.05075 Samoa Tala
1 Philippine Peso = 12.09416 CFA Franc (BEAC)
1 Philippine Peso = 0.05364 East Caribbean Dollar
1 Philippine Peso = 12.176 CFA Franc (BCEAO)
1 Philippine Peso = 2.18852 Pacific Franc
1 Philippine Peso = 4.96524 Yemen Riyal
1 Philippine Peso = 0.24804 South African Rand
1 Philippine Peso = 103.08899 Zambian Kwacha
1 Philippine Peso = 7.18911 Zimbabwe dollar

Correcting jobless growth

The Philippines may have outperformed other Asian countries in terms of economic growth but this growth has failed to provide jobs.
 
The “jobless growth” can be corrected according to several business groups by reviving manufacturing.
 
This solution, however, may take too long and employers think the government, being the biggest employer, has a more immediate solution.
 
Edgardo Lacson, president of the Employers Confederation of the Philippines (ECOP) said that the government by fast tracking private public partnerships can create 5 million jobs in five years.
 
Other key job generators mentioned are the business process outsourcing and tourism sectors.
 
 “We are very proud of our GDP growth yet unemployment figure remains the same, the poverty level is increasing and yet we are saying there is growth. Our unemployment rate is the highest in Southeast Asia,” according to Lacson. 
 
Roberto Batungbacal, outgoing president of the Samahan sa Pilipinas ng Industriyang Kimika (SPIK) inclusive growth means that economic growth reaches all sectors and their constituents, not just the leading ones. 
 
He said inclusive growth also means decent jobs for the great majority, jobs for the less educated, with fewer resources and fewer choices.
 
Batungbacal said the manufacturing sector  has the highest potential to provide long-term inclusive employment to a country like the Philippines with persistently high unemployment and underemployment.
 
Batungbacal said in the  previous decade, manufacturing employment growth has flattened. 
 
“Jobs were lost in less competitive industries. Increasing productivity and automation in competitive sectors means unemployment for some. There are also workers who transferred from the formal sector to the informal sector,” Batungbaal said.
 
Based on data from Bureau of Labor & Employment Statistics and the National Statistics Office, manufacturing employment only grew an annual average of 0.7 percent in the last 10 years (2002 to 2012). Batungbacal said  food and beverage is the largest sub-sector and the biggest employer, followed by wearing apparel, manufacture of wood and wood products, radio, TV, communication equipment (electronic and semiconductor), textile and fabricated metals.
 
The Department of Trade and Industry (DTI) has been in the forefront of efforts to revive the country’s manufacturing sector. The agency has initiated the crafting of industry roadmaps that would lead to one strategic industrial policy. These plans, would also determine government policies geared to attract investments in such sectors.
 
Trade Undersecretary Adrian Cristobal, Jr. said close to 30 industry groups have already submitted their roadmaps to the DTI, and a number of which have been presented for consultation including those for the chemical, copper and copper products, rubber, paper, mass housing, iron and steel, cement, information technology and business process management, and electronics sectors.
 
The road maps would serve as building blocks of the manufacturing industry or the main reference or blueprint for the country’s manufacturing revival program being prepared by the government.
 
The road maps would also be used to craft the Comprehensive National Industrial Strategy (CNIS) which would be the blueprint for the overall industrial development strategy covering agriculture, industry and services in the country.
 
Some 19 foreign and local chambers, Philippine business groups, and industry associations have joined hands to come out with a policy brief that targets to create 4 million manufacturing jobs in less than a decade.
 
The business groups said  government should work with investors to revive labor-intensive factories in addition to high-value manufacturing.
 
The policy brief entitled Manufacturing: Creating Million of Better Jobs, the groups laid out a two-track strategy calling for new economic zones, relaxed labor policies, and increased training tailored to either low- or high-value manufacturing in a bid to double the manufacturing sector’s current labor force to 7.5 million and also increase its contribution to GDP to almost 30 percent by 2022. 
 
Last year, the sector accounted for just 3.5 million jobs and a 21 percent GDP share. 
 
Based on the targets set forth by the paper, some 500,000 new jobs should be created a year in manufacturing beginning in 2015 for a total of 4 million  by 2022. This grows the manufacturing labor force to 7.5 million  from 3.5 million in 2012. 
 
The paper also said the manufacturing sector should also grow its share to 30 percent of GDP  by 2022 compared  from 21 percent in 2012. 
 
The groups believe, the 4 million new jobs would benefit 16 million Filipinos based on the manufacturing sector’s multiplier effect of  3 indirect jobs per new manufacturing job.
 
“Indonesia, Malaysia, Thailand, and Vietnam—economies exporting two to four times more than the Philippines—have each developed its industrial sector to over 40 percent of the economy, making industry and manufacturing a development backbone,” the policy brief said. 
 
“High-value manufacturing is more capital intensive and thus harder to create many jobs compared to labor-intensive manufacturing. 
 
 To grow low-cost, labor-intensive manufacturing such as the food, garments, footwear, and furniture industries, the business groups said government should establish domestic/export enterprise zones (D/EEZs) in non-industrialized areas as well as invigorate an apprenticeship program for high school graduates.
 
Such ecozones should provide investors a menu of incentives including low-cost leases, electricity rates, and more attractive labor policies.
 
 Public-private partnership (PPP) contracts should also be considered to attract real estate firms to develop such ecozones using government land to further reduce costs. 
 
For high-value manufacturing, the policy brief recommends strengthening the following critical inputs: low-cost capital, technology, higher education, research and development, and industry integration particularly for the following industries: electronics, appliances, transportation equipment and parts, as well as chemicals, plastics, and rubber products. 
 
Coordination of numerous industry roadmaps will be needed to ensure interventions are tailored to the needs of these industries, which face common challenges such as uncertainty over future fiscal incentives, high power costs, inefficient transportation, inflexible labor market, red-tape, and lack of needed skills. 
 
 The policy brief was compiled from two roundtable discussions organized by the Joint Foreign Chambers, which drew recommendations from industry groups including those representing manufacturers and exports of chemicals, electronics, furniture, garments, and plastics. 
 
ECOP’s Lacson, however, believes said the goal to reducing unemployment rests to a large extent to government, the largest employer and the biggest spender in an economy.
 
“It all depends largely on the spending habits of the government if it is serious in its PPP as these projects will be generating a lot of employment.”
 
“PPP will spur manufacturing – from nails to roofing  materials to cement and other allied industries. This would result to private sector expansion. Companies will hire more. The (employment) expansion is sequential,” Lacson said.
 
He said the economy needs to 5 million jobs in three years up to 2016 to catch up on rising unemployment in addition to provide employment opportunities to the 1 million new entrants to the labor force every year.
 
 “The driver will still be the government and private sector would follow suit, Government alone cannot do it, private sector alone cannot do it. They have to work together,” Lacson added.
 
Lacson also said services, mainly the  BPOs would still boost  private sector job creation this year.
 
“For the economy to go back to manufacturing will be difficult because the power rate in the country is too high,” Lacson said.
 
In 2012 alone, the information technology-business process management industry added 137,000 jobs, ending that year with 776,794 workers. The BPO sector expects to employ a total of 1.3 million by 2016.
 
Cristobal said  the strong push for investments in the manufacturing sector has resulted in the inflow of some foreign firms producing for the export market.
 
“We see this trend continuing this year,” Cristobal said.
 
He, however, said there will be no shift from a services-led economy to a manufacturing-led, but both will be growth drivers.
 
“Both manufacturing and services sectors have shown substantial growth the past year, especially manufacturing,” Cristobal said. 
 
Data  from the National Statistics Office show that the unemployment rate in October 2013 was estimated at 6.5 percent, slightly lower than the 6.8 percent in October 2012. The number of unemployed stood at 2.6 million as of October but the number of underemployed was 6.7 million.
 
Under a  new definition in 2005,  those who are looking for work for one year are not considered part of workforce while those who work for one hour in a period of two weeks paid are considered employed.
 
Employed persons are classified as either full-time workers or part-time workers.  Full-time workers are those who work for 40 hours or more.
 
Lacson said while statistically, the number of unemployed is only 3 million, there are over 7 million  who are underemployed.
 
“Technically, there are about 11 million Filipinos that are unemployed,” he said.
 
 “Jobs will be created but you must remember there is always one million entrants to the labor force, every year. How many of those will be hired is a big question,” Lacson said.
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