Press Release
March 9, 2018

'Best country to invest in' must lead to 'best country to work in'
POOR PINOYS SHOULD FEEL PH ECONOMIC GAINS -ANGARA

The country's economic gains should improve the lives of poor Filipinos, said Senator Sonny Angara, as he hailed the Philippines' top ranking in terms of investments.

The Philippines ranked first in the U.S. News and World Report list of the "Best Countries to Invest In" for 2018. The report said the Philippines has been performing well in terms of foreign direct investment, despite declining inflows to other Southeast Asian countries.

"This recognition is a product of the good work done by both the government and the private sector over the last decade or so. Now that we are in the spotlight and have captured the attention of the business world, we must see how we can build on that momentum.

"Dapat ay magbunga ito ng mga dekalidad at disenteng trabaho na magpapaginhawa sa buhay ng bawat Pilipino. Balewala ito kung hindi ito ramdam ng ordinaryong mamamayan," Angara said.

The senator cited the latest labor force survey by the Philippine Statistics Authority which showed a decrease in the unemployment rate from 6.6% last year to 5.3% this year.

The quality of jobs, however, deteriorated as the underemployment rate--or the proportion of those already working but still looking for more work or longer working hours--increased to 18% from 16.3%.

"Ang ibig sabihin nito ay kahit may trabaho na sila, hindi pa rin sapat ang kinikita nila para sa kanilang pang-araw-araw na gastusin kung kaya't naghahanap pa rin sila ng ibang pagkakakitaan. We are hopeful that the rise in investments would generate higher quality employment opportunities with bigger pay," said Angara, who sponsored the law that raised the take-home pay of workers by lowering income tax rates.

Moreover, the lawmaker, who is a known advocate of labor reforms, stressed that the Build, Build, Build program of the government should be paired with a Jobs, Jobs, Jobs program that will provide competitive salaries in order to address not only the unemployment and underemployment issues, but also to attract overseas Filipino workers (OFWs) to return and work back home.

"The push of the administration to improve and fast-track infrastructure development while ramping up social services like free education and better healthcare services is moving in the right direction. These efforts can attract more investments that should lead to better lives for Filipinos," Angara said.

News Latest News Feed