Job creation insulates RP from world recession

January 5, 2010 11:06 pm 

DAVAO CITY, Jan. 5 — The Philippines was spared from the worst effects of the 2008 global financial crisis since the Arroyo administration prepared the country for such eventuality.

In a brief speech in this city, President Gloria Macapagal-Arroyo said the crisis plunged the United States and other highly industrialized countries into recession, which in turn brought a double-digit unemployment rate.

Fortunately, the President said, the government had earlier created the necessary number of jobs to insulate the Philippines from the economic difficulties that the rest of the world had to endure.

Creating million jobs for Filipinos, especially for those most vulnerable to the economic crisis is a priority project of the current administration.

The jobs brought the Philippine economy to grow by 0.7 percent in the first three quarters of 2009 and expected to further grow by one percent in the full year, well within the target range of 0.8 percent and 1.8 percent.

The President made the comment after talking to beneficiaries of the newly-launched Saba Banana Development Program and the Virtual Poultry Farming Project, a collaborative effort of the Department of Trade and Industry, the Department of Labor and Employment, the Overseas Workers Welfare Administration, with funds provided by the Development Bank of the Philippines and Land Bank of the Philippines.

The President also distributed certificates of entitlements and starter kits to would-be banana farmer-entrepreneurs involved in the Saba program, and to the beneficiaries of the Youth Entrepreneurship Support (YES), the Training Enhancement for Competitiveness in Harnessing Innovative Entrepreneurs (TECHIE), and the Micro, Small, and Medium Entrepreneur (MSME). (PNA) RMA/OPS/ssc

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