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slacker oui!
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Discussion Starter #1
Gov't says 1.4M jobs created in January
Posted: 0:07 AM | Mar. 27, 2004


Michelle V. Remo
Inquirer News Service

NEW jobs in the Philippines more than trebled to 1.4 million in January from 414,000 a year earlier, indicating a pickup in business activity despite perceived risks related to the coming elections, the National Economic and Development Authority (NEDA) said Friday.

Economic Planning Secretary Romulo Neri, who is NEDA director general, reported the numbers from a January 2004 Round of Labor Force Survey of the National Statistics Office.


"In the last three years, employment has grown annually by about 1.06 million compared with just a third of a million per year under the previous administration," Neri said.

The survey showed the services sector generated 940,000 new jobs, compared with 284,000 in January 2003, and the industry sector created 466,000 versus a job loss of 14,000 in January 2003, he said.

Neri also said the quantity of work might have increased and the quality might have improved, as the survey showed that the number of people who worked at least 40 hours a week increased by 11.2 percent while the number of people who worked less than 40 hours decreased by five percent.

He said the increase in jobs indicated the government's job-generation programs were meeting their objectives.

However, the increase was not enough to temper the rise in unemployment, Neri said. While 1.4 million new jobs were available in January, the labor force had 1.7 million new members, he said.

"The increase in labor force of 5.2 percent, which is even higher than the 2.3-percent population growth rate, outpaced the gains in employment," he said.

The National Statistics Office earlier reported that unemployment rate in January rose to 11 percent, from 10.6 percent a year earlier, because of the big number of new entrants to the labor force. With INQ7.net

http://money.inq7.net/topstories/view_topstories.php?yyyy=2004&mon=03&dd=27&file=1
 

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that's great...!:)

although it's still not enough to cover all the new graduates and new members of the labor force. they have to keep this up if they want to at least maintain the unemployment rate these coming months with even more graduates coming in...
 
Q

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Well, the more jobs the Philippines create, the more demand for workplaces to put the people to work. And in Metro Manila, that would usually mean more office towers filling up and more being constructed! :yes:
 

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Thats good...but i heard that the Philippines is in trouble in the next few years because of its HUGE budget deficit. If our GDP growth slows, we are in the dumps with Argentina. That will happen if FPJ wins... Hope we can pay our depts soon and recover to economic growth and surplus.
 

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ok economics boy:D what will budget deficit do for us, or a huge one that is? i thought the US also a huge budget deficit. im curious, feed my brain;) :)
 

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Discussion Starter #7 (Edited)
RP globalization ranking up 21 rungs

By JOSE M. GALANG, JR.
OFW Journalism Consortium , Inc.

MANILA -- LARGELY with the aid of dollars sent home by Filipinos working abroad, the Philippines posted the biggest leap in rankings in this years globalization index produced by an international business consulting group for Foreign Policy magazine.

From No. 54 last year, the Philippines surged ahead to No. 33 in the A.T. Kearney/Foreign Policy 2004 Globalization index, an advanced release on the study said ahead of the reports publication next month. The 21-rung jump was the best record among 62 countries covered by the study.

Topping the list as the worlds most globally integrated nation is Ireland, followed by Singapore and Switzerland. The others in the top 10 are: Netherlands, Finland, Canada, United States, Austria, and Denmark.

Japan, though getting a rating increase, stood at No. 29 as it suffered a retreat on portfolio capital and foreign direct investment flows, results of the study showed.

Ranked near the bottom of the tally are China at No. 57 and India at No. 61. Both are experiencing dramatic economic growth.

While the globalization index reflects the magnitude of the surveyed countries integration with the rest of the world, it is not a measure of competitiveness. Country competitiveness, Foreign Policy says, is related to input costs, infrastructure, economic policy, the cost of doing business, and a variety of other factors.

Besides second-placer Singapore, other Southeast Asian countries in the tally are Malaysia (No. 20), Thailand (48), and Indonesia (59).

This years index, which was based on data for 2002, or just after the 9/11 attacks on the United States, demonstrates that even as the world economy slowed, Internet growth in poor countries and increased cross-border travel deepened global links, Foreign Policy said in a just-released preview of the report.

Foreign Policy is published by the Carnegie Endowment for International Peace Washington, D.C. One of the magazine?s founders is Samuel Huntington, author of The Clash of Civilizations. A.T. Kearney, meanwhile, is a global management consultancy firm.

Philippines Moves Up

The Philippines higher ranking was due to the first-place rating it got in the Remittances and Personal Transfers indicator, one of 14 variables grouped in four categories economic integration, personal contact, technological connectivity, and political engagement analyzed for the globalization index. The index made its debut in 2001 and has remained the most comprehensive thus far o n the subject.

The money sent back to the Philippines by Filipinos working abroad has become a vital component of its national economy, Foreign Policy said.

(Some US$7.6 billion in remittances e4ntered the formal banking system in 2003, according to the Bangko Sentral ng Pilipinas. In addition, the World bank report Global Development Finance 2003 said the Philippines ranked third in remittances [looking at countries 2002 remittance data] with US$6.4 billion behind Indias US$10 billion and Mexico?s US$9.9 billion

Remittances coming from the countrys over 7.5 million overseas Filipinos, said economic analysts from the Asian Development Bank, have become the countrys main economic driver, together with consumption-fed growth. Ed.).

Compensation to employees, or the money paid to Filipinos working abroad plus money paid to foreign workers in the Philippines, was over 8 percent of gross domestic product (or GDP, the value of all production of goods and services within the country), the study noted.

Switzerland, which ranked No. 2 in the same indicator, has compensation to employees at 3.17 percent of GDP, the study said.

Also a factor in boosting the overall ranking was the increase of 13 percent in foreign direct investment (FDI0 and 6 percent in trade flows as the Philippines bucked the global trend while most countries decline in these areas during the survey period, the study said.

Due to its No. 1 rating in remittances and personal transfers, the Philippines was ranked No. 20 in the Personal Contact category of key variables. Other Philippine scores in this category were: No. 39 in telephone usage, and No. 51 in travel.

How does this relate to current thinking on globalization? Presidential candidate Fernando Poe, Jr., for one, has declared he would, if elected, be against globalization. If that means taking action that would curtail the flow of overseas Filipino workers remittances, he could eventually suffer a backlash from the economic class that is widely expected to boost his chances at the May 10 polls.

On the other hand, the incumbent President Gloria Macapagal-Arroyo, who is seeking re-election, has proclaimed a stand against unbridled globalization and ordered a halt to tariff cuts on imports. However, ratings from the A.T. Kearney/Foreign Policy study do not put the Philippines degree of globalization anywhere near an unbridled character.

The No. 20 ranking in the personal contact category was the best the Philippines attained. In Economic Integration the country got a No. 32 ranking, following ratings of 16th in trade, 32nd in portfolio investments, 44th in foreign direct investment, and 36th in investment income.



Rankings In Other Categories

The Philippines rating in the economy category was better only against Indonesia?s (No. 47) among other Southeast Asian nations. Singapore was No. 2, Malaysia was No. 8, and Thailand No. 28 in this category.

Compared to last years rankings in economic integration, the Philippines saw a drop from No. 26, while its Southeast Asian neighbors either maintained or kept close to previous positions.

Among the developing world, Southeast Asia, the study said, remained the most globally integrated region, despite being buffeted by the global economic slowdown and a major terrorist attack.

Indonesia was the least integrated country in Southeast Asia, the report said. Hotel occupancy dropped to single digits following the October 2002 bombing in Bali, that country?s most popular resort.

Because the tourism industry employs more than 7 million people and accounts for about 5 percent of GDP, the effects of that attack reverberated throughout the country, the study noted.

There are two more categories on which the surveyed countries globalization levels were assessed: technological connectivity and political engagement. In both categories, the Philippines got low ratings.

In the technology sector, the Philippines landed No. 47 following these rankings: 48th in terms of Internet users, also 48th in Internet hosts, and 46th in secure Internet servers.

A still lower ranking of No. 51 was scored by the Philippines in the political category. While it got a high ninth place in terms of international treaties ratified, the country could only settle for 47th in government transfers (payments to and receipts from international institutions), 48th in contributions to United Nations peacekeeping efforts, and 50th in membership in international organizations.

In computing the rankings, the study adds inward and outward flows in most of the indicators, and the sum is divided by the countrys GDP, or nominal economic output, or by its population level.

The 62 countries, both developed and developing, that are ranked in the A.T. Kearney/Foreign Policy Globalization Index, account for 84 percent of the worlds population and 96 percent of the worlds GDP

http://www.tarlacnews.net/ofwmarch25200405.shtml
 

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slacker oui!
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Discussion Starter #8
renell said:
ok economics boy:D what will budget deficit do for us, or a huge one that is? i thought the US also a huge budget deficit. im curious, feed my brain;) :)
well renell,deficit is bad because in this case philippine has to take loans to finance it or maybe with forex reserves. But Philippines should not take loans and be a part of the IMF-programe..that will scare me..be in hands of IMF is suicide

US has a tradedeficit but it is financed by Asia.
:)
 

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Yep, drwho answered it nicely. Nice article, too btw.

However, Philippines is not currently under the hands of IMF. They have huge loans elsewhere (some in IMF).
 

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basically, too high of the budget deficit = Huge debt = possible economic meltdown and bankrupcy... And we wouldnt want that to happen, eh? Economic reforms and improved tax collection (not to mention less corruption) will change that for the better.
 

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Discussion Starter #12
New China envoy vows RP infra, economy boost

By DAVID CAGAHASTIAN

The new Chinese Ambassador to Manila, Wu Hong Bo, yesterday paid his first courtesy call on Foreign Affairs Secretary Delia D. Albert, as he pledged even stronger cooperation in the areas of infrastructure development, trade, investment, tourism, and agriculture.


Before his assignment to the Philippines, Ambassador Wu has held various positions in the Chinese Ministry of Foreign Affairs since 1976, including the office of the Deputy Commissioner of the Chinese Ministry of Foreign Affairs in the Macau Special Administrative Region from 2002-2004.

Ambassador Wu also served as the deputy director general for West European Affairs of the Chinese Ministry of Foreign Affairs in 1999-2000, and as chief representative of the Joint Liaison group between China and the United Kingdom, which facilitated the turnover of Hong Kong to the Chinese government in 1998-1999.

?Next year, we will be celebrating 30 years of excellent relations.

Ambassador Wu and I agreed that we will mark this milestone event by pushing our relations to even greater heights,? Albert said after her meeting with the new Chinese ambassador.

Ambassador Wu assured Albert of the Chinese government?s support for the development of Mindanao, as well as its cooperation in the Philippines? transport infrastructure and agriculture programs.

Albert announced that China will send a trade and investment delegation to Mindanao, particularly the Brunei, Indonesia, Malaysia, Philippines-East Asia Growth Area (BIMP-EAGA), to look into possible economic cooperation opportunities there.

China had earlier agreed to fund the $400-million Northrail Project, a cargo and commuter rail system connecting Metro Manila with Clark and Subic.

The Philippines will host the 14th RP-China Foreign Ministry Consultations in Manila next month.

http://www.mb.com.ph/MTNN200404026344.html
 

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there are a lot of corruptions at the customs. our work deals with the customs (of foreign countries) that's why i know. we use to handle phil customs...but the govt got heavily indebted to our company by about Php 6 billion (USD 100 million).

another problem is with the finance. they are so tunnel focused. we need finance peoples that could visualize the future and will plan for a long term national budget.
 

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Yeah, great news for our infrastructure. Thanks to China:)

Here's another article:
RP, China strengthen economic relations
By LEE C. CHIPOINGIAN

The Philippine government and China have agreed to reaffirm its trade and economic cooperation during a recent Beijing round of talks, specifically on cement and coal supply to help in local industry requirements.


The Philippine representative, Trade and Industry Undersecretary Thomas Aquino reported that through the Philippines-China Joint Trade Committee (JTC), both nations successfully "further strengthened" trade and economic relations.

Aquino, while in Beijing, conducted talks with Chinese officials led by Vice-Minister An Min of China’s Ministry of Commerce (MOFCOM).

He said discussions centered on coal and cement domestic supply concerns. "On coal, MOFCOM agreed to intercede on behalf of the Philippine government’s request for timely coal supply delivery (to select power plants)," Aquino said. These are coal supplies to the Masinloc and Sual power plants considering the growing local demand.

The Philippine side also urged China to fully comply with the existing contracts forged by the state-controlled National Power Corp. with Chinese coal suppliers "so they can qualify in the awarding of future contracts," Aquino disclosed.

China also responded favorably to the proposal of the Philippines for a government-to-government purchase arrangement of cement. The trade official explains that this would involve China’s "supply assurance" once MOFCOM finalizes the arrangements on volume allocation and specification requirements.

Besides coal and cement, the JTC discussions also focused on intensifying cooperation under the Brunei-Malaysia-Indonesia-Philippines East ASEAN Growth Area (BIMP-EAGA), after MOFCOM confirmed that it will be sending a Chinese mission to Mindanao next month to explore possible collaborative projects.

"Efforts to enlist China’s engagement were considered a significant step towards the actualization of China’s support to the growth area as articulated by Premier Wen Jiabao during the ASEAN + China Summit in Bali last year," Aquino said.

Besides Aquino and MOFCOM’s An Min, the JCT meeting also included people from the Department of Foreign Affairs (DFA), Philippine International Trading Corp (PITC) and Philippine National Railways (PNR) who took up joint cooperation schemes and firmed up initiatives on potential projects on coal, cement, coconut fiber, railway transport as well as possible partnerships in education services.

China is the Philippines’ sixth major trading partner, the eighth largest export market and the sixth biggest import supplier.

Total bilateral trade in 2002, according to the DTI, amounted to $2.58 billion with exports amounting to $1.35 billion and imports at $1.23 billion. Total trade from January to November 2003 already reached $3.54 billion.

In the meantime the country incurred trade deficits with China over the last five years starting 1998, but started to enjoy a trade surplus worth $122 million in 2002. January to November 2003 trade surplus increased to $320 million.

More than half of the country’s exports to China in 2002 consisted of semiconductor devices and components while major imports consisted of motor gasoline; parts and accessories of automatic data processing machines and electrical machinery; semiconductor devices; cellular phones, fabrics, coal and audio-video tape deck and compact discs.
 

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Philippine Economy in Comparison:

To be honest, the Philippines was one of the most developed nations in Asia after Japan when it started out.Far ahead than Singapore,South Korea, andTaiwan. Today, it is among the countries that have stagnant economies.Although all thus has occured, the Philippines still remains competitive with its surprises recovering from crisis and competing with newly industrialized nations like Thailand,Malaysia or Indonesia. Everyone knows the reason what caused the Philippines' situation today.Corrption...and it also lies to the people...the people alone have the power to change it all...we are Ais's first democracy,we are suppose to decide how our future will be...we have the capacity to make a change.The Philippines has showned dramatic changes during the past years.What was not possible during 1995 is possible today.Things develop before our very eyes.Every two weeks, about 10,000 Filipino leave the country to find jobs abroad and thus 9 billion dollars flow in the country each year,many times more than the country gets from worldwide financial aid.For me alone,after 6 years of absence in the country,too many thing have changed that it might be different when I comew back for good one day.
Roughly 40% of the Philippine population suffers under the poverty line,while in Brazil and Indonesia it is only 20%. But in the minds of people, Philippines has a better image and perspective about the Philippines since 95% of the population is highly literated while bith Brazil and Indonesia have a horrible illiteracy of over 20%. Roughly 1/4 of India's population can't afford a proper doet each day and together with the Philippines,both have an unemployment rate of 10%.India's government is poor and it has a population of over 1 billion,while Philippines only has 84 million and the government is only bankrupt not only because it is poor but because of corruption and a fragile economy.But it is not bad since,Germany,Europe's largest economy and one of the world's strongestM, also has a 10% unemployment rate.Malaysia and Thailand are already further developed than the country and will soon be considered developed..Only 8% of Malaysians live under the poverty line. Philippines is on the list of the top ten countries that has high debts ranking 9th.We owe nearly 50 billion dollars.The highest ranks were Brazil with 160 billion,followed by China with 155 billion.On the list of countries with the most corrupt leaders,Philippines is number one.We have two leaders on the top ten list: Marcos, who ranked second after a former Indonesian leader and Estrada who ranked ninth.Others were African and South American leaders.The income of an average Filipino per year is 726 to 2 955 dollars, surpassed by Malaysia,South Africa and Brazil.Talking about South Africa, it has a far better infastructure supewrior to the Philippines but a horribly weak economy with 47% jobless rate and a life expectancy of only 46 years.Philippines is far richer and developed than Sri Lanka but it has a higher life expectancy of 73 years,Philippines only has 68.9.Philippines can be easily globalized since it is always exposed to the world.I am not surprised from the current results.A famine is almost impossible for the fertile country and still, many impoversished children die frpm hunger each day. If we want the economy to improve,we should be wise with who we decide for president this coming election,that's all I can say for now.
 

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we are so high up the list!! but how come our economy is stagnant? Not as much investors are coming in.
 

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despite political uncertainty this year due to the coming elections, the philippines is poise to grow around 4.5%, i hope that after the elections is over and the next president will have a good mandate the political situation in the phils will normalize and i hope our economy will grow better so we can catch up with our neighbours
 
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