Page 6 - LM Confidential Issue November 2014

Philippines
NEWS
More jobs in Asean Free Trade
However, some jobs will be “vulnerable”
If the benefits of AEC are unevenly distributed and poorly managed, integration could add to existing challenges in the areas of poverty, inequality, vulnerability, and poor job quality, the study said.
The demand for high-skilled employment such as managers, professionals, technicians, and associate professionals could also increase by nearly 60%.
Meanwhile, medium-skilled jobs could grow by around 25% and low-skilled work could also rise significantly by more than 60%.
Improving the quality and relevance of education for the Filipino youth to smoothly transition from the classroom to the workplace is needed.
Labor migration to climb
With the Philippines’ integration into AEC, it is also expected that labor migration will continue to climb for medium and low-skilled workers, the study said and requires collective regional action to safeguard the rights of migrant workers, it added.
Other priority areas for action in the Philippines include the creation of better jobs, enhancing social protection programs, upgrading skills to meet shifting demand, and improving protection for migrant workers, among others, the joint ILO-ADB study said.
Lower Tax Rate
TOKYO - Finance Secretary Cesar Purisima said he is open to cutting some taxes but wants to work with Congress to improve the government’s ability to collect tax revenue.
There are bills in Congress that seek to reduce income tax rates and increase exemptions on bonuses, which have raised concerns that a loss in revenue could hurt the country’s credit rating and its ability to spend on infrastructure.
“We don’t mind fine-tuning these proposals to have more competitive tax rates and better collection,” Purisima said at a news conference.
MANILA, Philippines – The upcoming integration of Association of Southeast Asian Nations members in 2015 stands tocontribute3.1millionmorejobsinthe Philippines, according to a joint study by the International Labor Organization (ILO) and the Asian Development Bank (ADB).
About 38% of the expected jobs could be in vulnerable employment, while women are seen to account for only 1.1 million of the estimated job gains, said the study.
The report said the country needs to boost skills training and social protection now in order to make the most of the single common market, or else risk worsening poverty.
“If decisive policy action is taken, AEC (ASEAN economic community) has the potential to ensure sustained economic growth centred on decent and productive
Philippines
NEWS
Shortage Fear
MANILA – As the holiday season nears, supermarket owners fear of limited supply of goods due to the port congestion. The owners are worried that suppliers might deliver goods only to big supermarkets. Some owners explain they might be forced to augment their limited stock by getting goods from big grocery chains, which will push prices up.
Meanwhile, the Department of Agriculture assures enough supply of chicken and pork for the holidays and will also be going around markets to ensure the suggested retail prices (SRP) for these goods are followed. he suggested retail price for chicken is P135 per kilo while the SRP for pork is P185/kilo.
work thus, help the Philippines achieve its goal of inclusive growth that creates jobs and reduces poverty,” ILO Philippines country office director Lawrence Jeff Johnson said.
By end of 2015, the ASEAN economic community (AEC), a common market and production base, will take shape in 10 ASEAN member states, including the Philippines.
Fully adopting the AEC trade measures could expand the country’s gross domestic product (GDP) by 7.5% by 2025, versus a baseline scenario without deeper integration, the study added.
From classroom to workplace
With the integration, freer flow of goods, services, investment, and skilled labor will impact the region’s economy, including jobs, skills, wages, and labor mobility.
Mall in Boracay
MANILA - CityMall Commercial Centers Inc. (CMCCI), said that it is planning to build a CityMall on Boracay Island. CMCCI said that the CityMall will be the first mall to have a supermarket that sells a wide selection of grocery items, fresh meats, and vegetables. CityMall- Boracay will not only benefit tourists, but the local restaurants and resorts as well.
“CityMall-Boracay is seen to promote the local economy through the creation of additional local employment and by encouraging budding entrepreneurs to locate their businesses in the CityMall,” the firm said.
Ynna Asistio Hasn’t Moved On From Mark Herras
Although Ynna Asistio and Mark Herras are now casual friends after their almost six-year relationship, Ynna admitted it’s not easy to get over him.
They saw each other recently when she went to his dad’s wake, and also in some events since then. They are both okay, as well as Mark and her mother, Nadia Monte- negro.
Nadia often sees Mark in GMA Network. Ynna is now with ABS-CBN.
Ynna said Mark will always be a part of her life, and it’s unfortunate their relation- ship has to end that way. Mark and Ynna broke up after she found out he had an af- fair. Eventually, Mark admitted to fathering a child with the same girl.
The actress believed that she and Mark are for forever, but that’s not what the Lord planned for her. Maybe she will meet some- one better, Ynna said.
For now, Ynna is single. She tried dating before but she also got hurt. She sees no point in trying to use somebody to move on from her pain.
Although she doesn’t want to close all doors, Ynna said she doesn’t see herself go- ing back to Mark now. If she ever enters into another relationship, she wants it to be with a non-showbiz guy.
It wasn’t that she was traumatized by what happened with them. Ynna said she learned a lot from their relationship, but he doesn’t want to force herself to fall in love again.
“Alam ko naman na hindi pa ko ganoon ka-over kay Mark ‘tapos maghahanap ako ng iba.”
Ynna is now focused on her school, work and Church.
Asked if she can accept that Mark has a child with another girl, Ynna said she’s not ready to accept that. She is not complete- ly over him yet. She has been with him from when she was 16 years old to 22 years old.
She doesn’t want to lie and say she’s moved on from him already. She spent almost six years with him.
Ynna saw Mark’s daughter already during the wake of his father. She didn’t feel nervous to see Ada, but she saw her mother.
She cannot be irritated, however, be- cause it’s the wake of Mark’s father. She just didn’t expect to see her. Reports said Ada’s mother is a GMA handler.
Ynna revealed she knew the girl, but she doesn’t want to talk about her anymore. She worked in GMA before.
If she falls in love again in the future, Ynna wants someone who loves the Lord more than her. That’s something she didn’t see when she was dating before.
It’s not to say that Mark is not like that, but Ynna wants someone who has the same faith as hers.
Rising household risks SE Asia
PH seen among most vulnerable
The continued rise in the levels of household debt held by Southeast Asian banks, which are now under pressure due to rising interest rates, may lead to a deterioration in consumer confidence that could lead to slower growth in the region.
The Philippines, in particular, was among the most vulnerable in the region, Moody’s Investor Service said. Although the level of household debt in the country
was one of the lowest in the region, the contribution of consumer spending to the real economy was the highest.
As interest rates rise due to the Federal Reserve’s taper, consumers would see higher interest rates for household loans, putting pressure on their ability to repay obligations. The result, Moody’s said, would be a depreciation of real estate prices.
“Such a development would undermine
consumer confidence and, by potentially reducing collateral values, further restrict the availability of credit,” Moody’s said.
Fiscal authorities in the region also have enough room to hike spending to compensate for slower private sector demand.
The general government debt averaged 39 percent across Southeast Asian economies in 2014, versus a global average of near 50 percent.
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L. M. Confidential
NOVEMBER 2014
LMC