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Friday, March 29, 2024

Bilateral deals may spur job creation – Labor

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The Department of Labor and Employment expects more job  opportunities in the coming months because of the signing of  bilateral agreements  between the Philippines and  countries that attended the Asia-Pacific Economic Cooperation summit  held in Manila recently. 

“The bilateral meetings of the Philippines with Australia, Japan, Korea, Mexico, New Zealand, Peru, Papua New Guinea, Russia, and the United States of America, resulted in identification of potential investment areas and employment opportunities, as well as continued stronger trade relations, as well as export opportunities for Philippine products and services with these Apec member-economies,” Labor Secretary Rosalinda Baldoz said.

Baldoz cited Australia as a potential investors that intends to open in food processing,  agribusiness, IT-BPM, engineering services, infrastructure and other private-public partnership projects, auto parts exports, and manufacturing.

“We see the Philippines exhibiting healthy export trade relations with Australia for its paper and paperboard products, semi-manufactured forms of gold, lead acid for starting piston engines, heat exchange units, and static converters, ” she said.

The Philippines inked a Memorandum of Understanding with Australia covering exchange of information on Technical Vocational Education and Training systems, joint implementation of collaborative projects, and facilitation of links between governments, industry organizations, and TVET bodies.

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Japan will invest more in the country’s copper mining industry and manufacturing sector, specifically for auto parts, printer, and printing parts, and medical devices, as well as investments in the services sector, particularly on IT-BPM and gaming development.

With Korea, the established trade agreement covers investment opportunities for shipbuilding, automotive manufacturing, electronics manufacturing (printers, integrated circuits, LED modules, agribusiness,  food processing, renewable energy, banking and finance, tourism, hotel, retirement village, infrastructure and PPP, including the other labor-intensive industries migrating out of China, such as shoes, jewelry, and garments.

On the other hand, Philippine exports to Korea are crude petroleum oils and oils obtained from bituminous minerals, digital monolithic integrated circuits, copper ores and concentrates, bananas, and tobacco.

The US, Mexico, New Zealand, and other countries  that attended the APEC likewise pledged to put up various businesses  in the areas of infrastructure and energy, manufacturing of electronics, food/agribusiness, pharmaceutical and medicine, aerospace, fabricated metal products, and consumer products.

“These potential investment and employment opportunities are tangible outcomes of the Philippines’ hosting and active participation in the APEC. We at the DOLE supports the inclusive growth strategy of the APEC region by expanding access to opportunities and enabling people to realize their full potential, which will result to more productive employment opportunities, dynamic economic growth, and greater well-being,” said Baldoz.

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