Saturday, August 20, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

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

Julito G. RadabyJulito G. Rada
September 19, 2021, 7:25 pm
in Economy & Trade
Reading Time: 2 mins read
A A
73
SHARES
Share on FacebookShare on TwitterShare on Email

The Department of Finance said over the weekend vital economic reforms are needed to attract more foreign investments and create more jobs for Filipinos.

It said in an economic bulletin the reforms include the amendments to the Foreign Investment Act, Public Service Act and the Retail Trade Liberalization Act.

“Medium- to long-term, the passage of the amendments to the Foreign Investment Act, Public Service Act and the Retail Trade Liberalization Act will help bring in more capital, generate more employment, and make the economy more competitive,” it said.

“We should make good use of foreign capital and know-how…, “ it said.

The agency said the threat of the coronavirus and its more virulent Delta variant posed serious challenges to the economy and the labor market.

ADVERTISEMENT

It said the health risks should be managed well and the spread of the virus should be prevented. Vaccine administration is expected to help deliver individual protection to the population.

Data from the Philippine Statistics Authority showed more than 3.8 million people dropped out of the labor force in July, compared to June, amid the continuing threat of the COVID-19 virus and the emergence of a more virulent strain.

The PSA said the decrease in the labor force could be traced to the economy losing more than 3.4 million in employed persons and the 690,000 decline in the unemployed.

“As a result, the unemployment rate dropped from 7.7 percent in June to 6.9 percent in July, the lowest since the pandemic struck,” the PSA said.

The labor force participation rate in July fell to 59.8 percent, or equivalent to 44.7 million Filipinos who were either employed or unemployed. The July 2021 LFPR was the lowest reported rate this year, from 60.5 percent in January 2021 and 63.2 percent in April 2021. It was also lower than 61.9 percent in July 2020.

Underemployed persons were estimated at 8.7 million in July, or 20.9 percent of the 41.7 million employed individuals during the period. This was the highest underemployment rate since the pandemic began in April 2020.

Data showed that the average hours worked by an employed person in July was 41.8 hours in a week. This was the highest mean hours worked in a week by employed persons this year. In July 2020, the average hours worked by employed person in a week was 38.2 hours.

By broad industry group, the services sector continued to account for the largest share of employed persons with 57.9 percent, followed by the agriculture sector with 22.1 percent and the industry sector with the least share of employed persons with 20 percent.

Employed persons in the industry and services sectors increased by 7.2 percent and 6.6 percent, respectively, from July 2020 to July 2021. Workers in the agriculture sector decreased by 15.5 percent over the same period.

Tags: Department of FinanceDOFeconomic reformsForeign Investment ActinvestorsjobsPublic Service ActRetail Trade Liberalization Act
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

Economy can absorb rate hike—BPI

byJulito G. Rada
August 19, 2022, 8:00 pm
0
129
BPI expects auto sales to recover

Bank of the Philippine Islands, the third-largest bank, said Friday the economy has enough capacity to absorb the Bangko Sentral...

Read more

Turkey’s central bank stuns markets by cutting rate despite soaring inflation

byAFP
August 19, 2022, 7:20 pm
0
130
Banaag assumes post as Bright Kindle director

Istanbul, Turkey—Turkey’s central bank on Thursday stunned the markets by lowering its main interest rate even as inflation soared to...

Read more

Japan’s core prices rose by 2.4% in July

byAFP
August 19, 2022, 7:15 pm
0
131
Banaag assumes post as Bright Kindle director

Tokyo, Japan—Japan’s core consumer prices for items excluding fresh products rose 2.4 percent on-year in July, the highest in more...

Read more

Asian markets drift as investors assess Fed outlook

byAFP
August 19, 2022, 12:00 pm
0
145
Asian markets drift as investors assess Fed outlook

Stocks swung in Asia on Friday as investors tried to assess the Federal Reserve's plans for lifting interest rates to...

Read more

BSP raises borrowing rate by another 50 bps to 3.75%

byJulito G. Rada
August 18, 2022, 7:25 pm
0
168
BSP raises borrowing rate by another 50 bps to 3.75%

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, on Thursday raised for the fourth time this...

Read more

Diokno says record P12.79-t gov’t debt remains manageable

byJulito G. Rada
August 18, 2022, 7:15 pm
0
196
New DOT secretary promotes inclusive and sustainable tourism

Finance Secretary Benjamin Diokno said Thursday the government debt remains at a manageable level despite rising to a record level...

Read more

Stories you may like

  • It’s back-to-school season at SM Stationery

    How love kept Zoey Taberna alive

    10793 shares
    Share 4317 Tweet 2698
  • Supermodel son is Philippine bet in Manhunt International

    12405 shares
    Share 4962 Tweet 3101
  • CHERY Tiggo Crossovers release players, salute their contributions 

    1145 shares
    Share 458 Tweet 286
  • SMART/MVP-PH Team joins ‘22 Asian Taekwondo Championship

    1140 shares
    Share 456 Tweet 285
  • Grasping the concept of residual exception

    885 shares
    Share 354 Tweet 221

Print Edition

View More

Recent Posts

  • Speaker: PH-US ties to stay strong
  • Mom of Bulacan girl found dead cries for justice
  • PBBM state visits to Indonesia, Singapore in September
  • Suspending NCAP
  • Cardinal Tagle
  • Understanding freedom of navigation from hegemony
  • Helmet fits: Pride of family of Dieppe raid survivor
  • SM to launch HAFFINESS Franchise Roadshow to help MSMEs

Advertisement

Latest News

Understanding freedom of navigation from hegemony

byRod Kapunan
August 20, 2022, 12:05 am
0
136
Denying Villafuerte justice

"The US has no right to demand from the servient countries to extend the right of way similar to their...

Read more

Helmet fits: Pride of family of Dieppe raid survivor

byAFP
August 20, 2022, 12:00 am
0
129
Nullity of marriage: a defense in bigamy cases

"After surviving two and a half years in a prisoner of war camp in Poland, he had to carry his...

Read more

SM to launch HAFFINESS Franchise Roadshow to help MSMEs

byManila Standard
August 19, 2022, 11:48 pm
0
131
SM to launch HAFFINESS Franchise Roadshow to help MSMEs

SM Supermalls, in partnership with the Association of Filipino Franchisers Inc. (AFFI) and the local government units, will roll out...

Read more

Retail confab

byManila Standard Business
August 19, 2022, 11:08 pm
0
133
BOI approves incentives for Amazon site

Almost a thousand executives of the retail sector join the 28th National Retail Conference and Stores Asia Expo organized by...

Read more

Jollibee in Times Square

byManila Standard Business
August 19, 2022, 11:08 pm
0
133
BOI approves incentives for Amazon site

Jollibee Foods Corp. opens its flagship store in Times Square, New York City. The new store is the brand’s fourth...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App