IN his effort to lead the country towards economic growth, last September, President Benigno Aquino III came home from a visit to the United States bringing with him $2.4 billion worth of foreign investment contracts that is expected to generate 10,000 jobs.
The Department of Labor and Employment(DoLE) seems to confirm that the Aquino administration is indeed leading the country towards the “straight direction” with the recent release of its first and second quarter labor turnover report this October.
According to a survey conducted by the Bureau of Labor and Statistics (BLES) labor turnover survey, the accession rate, or addition of jobs during a quarter, rose from 10.23 percent in the first quarter to 13.52 percent in the second quarter.
Progress were seen in jobs such as real estate, renting, and business activities (with a 21.74 percent accession rate), mining and quarrying (21.74 percent), manufacturing (16.11 percent), hotels and restaurants (12. 26 percent), and other community, social and personal service activities (10.51 percent).
Jobs in agriculture, hunting and forestry (1.61 percent), electricity, gas and water supply (2.77 percent), and financial intermediation (3.22 percent), are the sectors that have the lowest accession rates.
Meanwhile, economist Victor Abola stated last October 14 during his presentation of the business optimism index (BOI) by the Dun&Bradstreet that despite the progress shown by 260 companies, less people are expected to be employed in this fourth quarter.
Abola, an economics professor at the University of Asia and the Pacific, however, said in a report from the Business Mirror that six out of the eight sectors covered by the D&B survey are expected to have lower demands in the fourth quarter.
The professor, however, said that the advent of the Christmas season this quarter will mean increased temporary job placements limited only in the retailing sector–due to Christmas sales increase; and the construction sector–because of the continuous construction activities in building subdivisions and condominiums.
Occupations in transportation, communications, utilities and services sector, including the Business Process Outsourcing (BPO) companies; not to mention the manufacturers of consumables; wholesalers; the finance, insurance, and the real estate sector are expected to have a lower demand in the fourth quarter compared to the third quarter according to Abola.
An ideal economy should not only show resiliency, but should also show strength. It should be strong enough for its people to feel that their government is working with their best interest at heart.
For an economy to prove that it is truly thriving, the benefits reaped from “hard work” should manifest upon its citizens; because behind a strong nation is a stable economy, and behind a stable economy is an effective government. (AJPress)
( www.asianjournal.com )
( Published October 22, 2010 in ASian Journal New York p. A6 )
