Unemployment

The official unemployment figures for the Philippines in 2011 are among the worst in Asia, higher than its South-East Asian neighbors and according to the International Labor Organization the country is among the worst one-fourth in the world in terms of unemployment rates. Without a strong manufacturing industry or real Filipino industry, the economy will be unable to create enough decent paying jobs. Till then manufacturing or services will remain substandard, or of low value-addition. According to employment figures, jobs in the Philippines manufacturing sector increased by just 8% of the total employment. Nearly three out of every ten people in the labor force are looking for work or are jobless. The mining sub-sector said to be one of the fastest growing industry in 2011 failed to generate new jobs (just 0.6 % of total employment).

Steadily rising inflation has contributed to the erosion of the value of the minimum wage. Though the Aquino administration increased the minimum wage and announced cash dole-outs but lack of quality decent paying jobs and higher real wages continue to be a problem. The government's policy to encourage foreign capital, even if in just low value-added assembly operations will continue to hinder real growth and development of the manufacturing sector. The Aquino administration needs to plan over the long-term, and prepare an industrialization program that encourages value-addition manufacturing or services and builds Filipino-owned industries.
ARTICLE: ( source: http://www.buzzle.com/articles/economic-problems-of-the-philippines.html)




Personal Reaction
As an ordinary Filipino student, knowing that Philippine population grows, proportionally, unemployment rate increases too. So, we shouldn’t push through foreign industries since stated in preceding article that without a strong Filipino industry, the economy will be unable to create enough decent paying jobs.

Unemployment comes around due to poverty, since the primary source or income is through our salary. For me, without employment, the means of acquiring the basic needs will be gone. As a result, people are drawn deeper to poverty.

Also, one cause of high unemployment rate here in the Philippines is that lack of education of the majority. We are facing a competitive world and it’s a must to reach the norms of development. Thus, a high educational attainment, which most Filipinos lack, is one way to uplift the unemployment rate of the country.


Suggestion

Though the lack of foreign investors and businesses that could provide good jobs for us Filipinos is one of the factors of growing our country’s unemployment rate, still, Filipinos should or must have initiative in employing themselves to those Filipino business industries. Or we must establish our own business. In that way, Filipinos couldn’t just decrease unemployment rate but we could also contribute to the economic growth of our country