DOF pushes more economic reforms to attract investors and create more jobs

The finance ministry said over the weekend vital economic reforms are needed to attract more foreign investment and create more jobs for Filipinos. He said in an economic bulletin that the reforms included amendments to the Foreign Investment Law, the Civil Service Law and the Retail Trade Liberalization Law. “In the medium to long term, the adoption of the amendments to the Foreign Investment Law, the Civil Service Law and the Retail Trade Liberalization Law will help attract more capital, generate more ‘jobs and make the economy more competitive, ”he said. “We have to make good use of foreign capital and know-how …” he said. The agency said the threat of the coronavirus and its more virulent variant Delta posed serious challenges to the economy and the job market. He said health risks should be managed well and the spread of the virus should be avoided. The administration of the vaccine should help to ensure individual protection of the population. Data from the Philippine Statistics Authority showed that more than 3.8 million people dropped out of the workforce in July, compared to June, due to the continuing threat of the COVID-19 virus and the emergence of a more virulent strain. The PSA said the shrinking workforce could be attributed to the loss of more than 3.4 million employed people in the economy and the decline of 690,000 unemployed.

“As a result, the unemployment rate fell from 7.7% in June to 6.9% in July, the lowest since the start of the pandemic,” PSA said. The labor force participation rate in July fell to 59.8 percent, the equivalent of 44.7 million Filipinos who were either employed or unemployed. The July 2021 LFPR was the lowest reported rate this year, dropping from 60.5% in January 2021 and 63.2% in April 2021. It was also below 61.9% in July 2020. People under employed were estimated at 8.7 million in July, or 20.9% of the working population. the 41.7 million people employed during the period. This was the highest rate of underemployment since the pandemic began in April 2020. Data showed that the average number of hours worked by an employed person in July was 41.8 hours per week. This is the highest average number of hours worked per week by those employed this year. In July 2020, the average number of hours worked per person employed in a week was 38.2 hours. By major industrial group, the service sector continued to account for the largest share of people employed with 57.9 percent, followed by the agricultural sector with 22.1 percent and the industrial sector with the lowest share of people employed with 20 percent. Those employed in industry and service sectors increased by 7.2% and 6.6%, respectively, from July 2020 to July 2021. Workers in the agricultural sector decreased by 15.5% during the same period.

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