November 22, 2017, 12:18 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07222 UAE Dirham
1 Philippine Peso = 2.23697 Albanian Lek
1 Philippine Peso = 0.035 Neth Antilles Guilder
1 Philippine Peso = 0.34334 Argentine Peso
1 Philippine Peso = 0.02609 Australian Dollar
1 Philippine Peso = 0.035 Aruba Florin
1 Philippine Peso = 0.03933 Barbados Dollar
1 Philippine Peso = 1.63992 Bangladesh Taka
1 Philippine Peso = 0.03265 Bulgarian Lev
1 Philippine Peso = 0.00741 Bahraini Dinar
1 Philippine Peso = 34.27689 Burundi Franc
1 Philippine Peso = 0.01967 Bermuda Dollar
1 Philippine Peso = 0.02668 Brunei Dollar
1 Philippine Peso = 0.13491 Bolivian Boliviano
1 Philippine Peso = 0.06405 Brazilian Real
1 Philippine Peso = 0.01967 Bahamian Dollar
1 Philippine Peso = 1.28171 Bhutan Ngultrum
1 Philippine Peso = 0.20626 Botswana Pula
1 Philippine Peso = 393.707 Belarus Ruble
1 Philippine Peso = 0.03929 Belize Dollar
1 Philippine Peso = 0.0252 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 12.51721 Chilean Peso
1 Philippine Peso = 0.13055 Chinese Yuan
1 Philippine Peso = 59.27237 Colombian Peso
1 Philippine Peso = 11.06096 Costa Rica Colon
1 Philippine Peso = 0.01967 Cuban Peso
1 Philippine Peso = 1.84798 Cape Verde Escudo
1 Philippine Peso = 0.42782 Czech Koruna
1 Philippine Peso = 3.47748 Djibouti Franc
1 Philippine Peso = 0.12472 Danish Krone
1 Philippine Peso = 0.93215 Dominican Peso
1 Philippine Peso = 2.25679 Algerian Dinar
1 Philippine Peso = 0.26216 Estonian Kroon
1 Philippine Peso = 0.34612 Egyptian Pound
1 Philippine Peso = 0.53196 Ethiopian Birr
1 Philippine Peso = 0.01676 Euro
1 Philippine Peso = 0.0411 Fiji Dollar
1 Philippine Peso = 0.01485 Falkland Islands Pound
1 Philippine Peso = 0.01485 British Pound
1 Philippine Peso = 0.09043 Ghanaian Cedi
1 Philippine Peso = 0.92566 Gambian Dalasi
1 Philippine Peso = 176.89283 Guinea Franc
1 Philippine Peso = 0.14439 Guatemala Quetzal
1 Philippine Peso = 4.01731 Guyana Dollar
1 Philippine Peso = 0.15359 Hong Kong Dollar
1 Philippine Peso = 0.46264 Honduras Lempira
1 Philippine Peso = 0.12608 Croatian Kuna
1 Philippine Peso = 1.21691 Haiti Gourde
1 Philippine Peso = 5.23442 Hungarian Forint
1 Philippine Peso = 266.33236 Indonesian Rupiah
1 Philippine Peso = 0.06904 Israeli Shekel
1 Philippine Peso = 1.28012 Indian Rupee
1 Philippine Peso = 22.94985 Iraqi Dinar
1 Philippine Peso = 692.86138 Iran Rial
1 Philippine Peso = 2.03638 Iceland Krona
1 Philippine Peso = 2.46903 Jamaican Dollar
1 Philippine Peso = 0.01391 Jordanian Dinar
1 Philippine Peso = 2.2151 Japanese Yen
1 Philippine Peso = 2.03441 Kenyan Shilling
1 Philippine Peso = 1.37082 Kyrgyzstan Som
1 Philippine Peso = 78.99705 Cambodia Riel
1 Philippine Peso = 8.32547 Comoros Franc
1 Philippine Peso = 17.69912 North Korean Won
1 Philippine Peso = 21.59685 Korean Won
1 Philippine Peso = 0.00593 Kuwaiti Dinar
1 Philippine Peso = 0.01613 Cayman Islands Dollar
1 Philippine Peso = 6.50443 Kazakhstan Tenge
1 Philippine Peso = 163.16618 Lao Kip
1 Philippine Peso = 29.60669 Lebanese Pound
1 Philippine Peso = 3.02262 Sri Lanka Rupee
1 Philippine Peso = 2.44897 Liberian Dollar
1 Philippine Peso = 0.2763 Lesotho Loti
1 Philippine Peso = 0.05995 Lithuanian Lita
1 Philippine Peso = 0.0122 Latvian Lat
1 Philippine Peso = 0.02689 Libyan Dinar
1 Philippine Peso = 0.18578 Moroccan Dirham
1 Philippine Peso = 0.34307 Moldovan Leu
1 Philippine Peso = 1.02635 Macedonian Denar
1 Philippine Peso = 26.80433 Myanmar Kyat
1 Philippine Peso = 47.94494 Mongolian Tugrik
1 Philippine Peso = 0.15822 Macau Pataca
1 Philippine Peso = 6.90266 Mauritania Ougulya
1 Philippine Peso = 0.6647 Mauritius Rupee
1 Philippine Peso = 0.30619 Maldives Rufiyaa
1 Philippine Peso = 14.0885 Malawi Kwacha
1 Philippine Peso = 0.37348 Mexican Peso
1 Philippine Peso = 0.08155 Malaysian Ringgit
1 Philippine Peso = 0.27622 Namibian Dollar
1 Philippine Peso = 7.00098 Nigerian Naira
1 Philippine Peso = 0.60177 Nicaragua Cordoba
1 Philippine Peso = 0.16317 Norwegian Krone
1 Philippine Peso = 2.03638 Nepalese Rupee
1 Philippine Peso = 0.02891 New Zealand Dollar
1 Philippine Peso = 0.00756 Omani Rial
1 Philippine Peso = 0.01967 Panama Balboa
1 Philippine Peso = 0.06359 Peruvian Nuevo Sol
1 Philippine Peso = 0.06374 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06568 Pakistani Rupee
1 Philippine Peso = 0.07087 Polish Zloty
1 Philippine Peso = 110.87513 Paraguayan Guarani
1 Philippine Peso = 0.07473 Qatar Rial
1 Philippine Peso = 0.07785 Romanian New Leu
1 Philippine Peso = 1.16841 Russian Rouble
1 Philippine Peso = 16.36755 Rwanda Franc
1 Philippine Peso = 0.07374 Saudi Arabian Riyal
1 Philippine Peso = 0.15449 Solomon Islands Dollar
1 Philippine Peso = 0.26735 Seychelles Rupee
1 Philippine Peso = 0.13097 Sudanese Pound
1 Philippine Peso = 0.16686 Swedish Krona
1 Philippine Peso = 0.0267 Singapore Dollar
1 Philippine Peso = 0.01486 St Helena Pound
1 Philippine Peso = 0.4367 Slovak Koruna
1 Philippine Peso = 149.85251 Sierra Leone Leone
1 Philippine Peso = 10.99312 Somali Shilling
1 Philippine Peso = 410.64307 Sao Tome Dobra
1 Philippine Peso = 0.17207 El Salvador Colon
1 Philippine Peso = 10.12743 Syrian Pound
1 Philippine Peso = 0.27624 Swaziland Lilageni
1 Philippine Peso = 0.64562 Thai Baht
1 Philippine Peso = 0.04905 Tunisian Dinar
1 Philippine Peso = 0.04547 Tongan paʻanga
1 Philippine Peso = 0.07723 Turkish Lira
1 Philippine Peso = 0.13037 Trinidad Tobago Dollar
1 Philippine Peso = 0.59133 Taiwan Dollar
1 Philippine Peso = 43.93314 Tanzanian Shilling
1 Philippine Peso = 0.51976 Ukraine Hryvnia
1 Philippine Peso = 71.28811 Ugandan Shilling
1 Philippine Peso = 0.01967 United States Dollar
1 Philippine Peso = 0.57699 Uruguayan New Peso
1 Philippine Peso = 158.89873 Uzbekistan Sum
1 Philippine Peso = 0.19617 Venezuelan Bolivar
1 Philippine Peso = 446.39136 Vietnam Dong
1 Philippine Peso = 2.10089 Vanuatu Vatu
1 Philippine Peso = 0.05108 Samoa Tala
1 Philippine Peso = 10.98368 CFA Franc (BEAC)
1 Philippine Peso = 0.0531 East Caribbean Dollar
1 Philippine Peso = 10.988 CFA Franc (BCEAO)
1 Philippine Peso = 1.98682 Pacific Franc
1 Philippine Peso = 4.91504 Yemen Riyal
1 Philippine Peso = 0.2763 South African Rand
1 Philippine Peso = 102.05507 Zambian Kwacha
1 Philippine Peso = 7.11701 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.
Rating: 
Average: 3 (1 vote)