FILIPINOS GET ADVICE..

by lumad Tue Oct 27, 2009 11:43 pm

09-15-2009 19:32
Filipinos Get Economic Advice

By Cathy Rose A. Garcia
Staff Reporter ( The KOREA TIMES)
( SULYAPINOY Adviser )

The sluggish economy, high unemployment and low salaries are among the reasons why many Filipinos decide to leave their homeland to work in countries such as Korea.

But things seem to be looking up for the Philippine economy, according to renowned Filipino economist Bernardo M. Villegas, who gave a rare lecture before a group of Filipino workers at the Hyehwa-dong Church coffee shop, Sunday.

Villegas, a professor from the University of Asia and the Pacific in Manila, said the Philippines is expected to be one of the three countries in Asia, along with Vietnam and Indonesia, to post positive growth this year.

"There are conservative estimates that the Philippines's gross domestic product (GDP) will grow by 2.5 percent, but I'm a prophet of boom, and I can say that it will grow by 4 percent, thanks to the overseas Filipino workers' remittances," he said.

There are an estimated 9 million Filipinos living and working around the world, with over 40,000 in Korea alone.

Many of them choose to work abroad because of the economic difficulties in the Philippines, and their remittances have helped the Philippine economy's recovery.

The Philippine Central Bank estimates that remittances will reach $16.8 billion for 2009, but Villegas says the figure would more likely be $18 billion.

Villegas believes the Philippines has not been too affected by the global downturn, since domestic consumption is strong among its 90 million population.

The Harvard-trained economist said Filipino workers should consider starting businesses in the food, fashion, furniture, tourism and entertainment sectors when they return to the Philippines.

Villegas also encouraged Filipinos to look for business ideas that would cater to Korean tourists in the Philippines.

"I hope something I said today will shorten your stay in Korea and hope you can come back to the Philippines as soon as possible," Villegas said.

The news gave some hope to Filipino workers. Rebenson Recana, chairman of the Sulyapinoy newsletter, said he gained ideas on what business opportunities are available when he goes back to the Philippines.

"We are very thankful to Villegas and his lecture. This is very significant for us. We might not be here for a long time, so it's important to prepare ourselves when we go home. What will we do back in the Philippines? Maybe start our own small business for our livelihood. This is really helpful," Recana said.

However, Labor Attache Delmer R. Cruz of the Philippine Overseas Labor Office at the country's embassy here, admitted it is a challenge to get Filipino workers interested in investing and starting their own businesses back home when their three-year contracts end in Korea.

He noted that many would prefer to seek employment in other countries or even migrate to countries with open immigration policies.

"We believe increasing their awareness is the key to opening their minds. They think there's not much hope (in the Philippines). They're always saying if they go home, there are big risks and there's no guarantee that they're going to succeed in business.

"That's why we have to explain the opportunities in our country. Even if you don't earn exactly the same amount of money you earn in Korea, because the cost of living is lower and as long as you can lead a decent life, there are other things that you can gain, like being with your family. You can't replace those with money," Cruz told The Korea Times

He said they have organized "re-integration programs" designed to prepare Filipino workers when they return to the Philippines.

Since 2008, more than 10 financial education seminars have been arranged for Filipino communities across Korea. The labor office is planning to conduct more seminars this year.

cathy@koreatimes.co.kr

http://www.koreatimes.co.kr/www/news/special/2009/10/177_51876.html

by aldin Wed Oct 28, 2009 7:29 am

Salamat sa info sir,,,,, isip

by enaj Wed Oct 28, 2009 8:50 pm

tnx a lot poh sir reeve.......

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