Staying the course
 18 September 2008

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One of the more well-known character traits of Filipinos is resilience.

Filipinos have demonstrated time and again their uncanny ability not only to make light of, but find opportunity and profit from what men of weaker constitutions would deem as hopeless situations. This admirable trait is once more prominently displayed in the results from the latest Labor Force Survey (LFS), which showed a slight increase in the number of persons 15 years and older participating in the labor market – in the face of a decelerating global economy – to the surprise of skeptics.

According to the NSO, approximately 37.3 million Filipinos comprised the entire Philippine labor force in July 2008, representing 64.3 percent of the estimated 58.1 million Filipinos 15 years and older. In July 2007, the labor force participation was at 63.6 percent.

Viewed in terms of job creation, it may be said that 1.2 million jobs were generated between July 2007 and July 2008 as the number of persons employed rose to 34.6 million from the 33.32 million level recorded in July last year.

The more employed people mean more people with the capacity to on their own weather the challenges of the global economy. It is pursuant to this framework, as well as an unflinching confidence in the Filipino’s resilience and ability to fend for himself under certain conditions, that the Arroyo Administration is staying the course in terms of pursuing its fiscal and economic programs that focuses on infrastructure development and the delivery of vital social services.

The super-regional development strategy, which prioritizes infrastructure development that shall enable certain groups of regions to capitalize on their inherent competitive advantages, remains on track under the constant monitoring of the Pro-Performance Committee.

Meanwhile, on the social services front, the government continues to find ways to make more jobs available to people through strategies such as micro-enterprise development support activities.

The People’s Credit and Finance Corporation, in partnership with the National Anti-Poverty Commission, is challenging local government units, microfinance institutions (MFIs) and other micro-enterprise development service providers to submit proposals aimed building the capacities of these institutions to provide better and more effective micro-enterprise development assistance. Selected proposals shall be awarded a maximum of P500,000 from the People’s Development Trust Fund (PDTF).

Projects eligible for PDTF funding are the following: (1) consultancy and training services for MFIs on the establishment of necessary support services, social and financial preparation of beneficiaries, preparation of plans and programs, including fund sourcing and assistance, establishment of credit and savings monitoring and evaluation mechanisms; (2) scholarships or training grants for microfinance staff/officers and selected beneficiaries; (3) community organizing for microfinance, livelihood and micro-enterprise training services; (4) livelihood/ micro enterprise project/ program feasibility studies and researches; (5) savings mobilization and incentive programs, micro-insurance and other similar facilities; (6) information and communication systems such as baseline surveys, development monitoring systems, socio-economic mapping surveys, organizational assessments and other similar activities; (7) legal and other management support services such as registration, contract review and enforcement, financial audit and operational assessment; (8) information dissemination of microfinance technology and micro-enterprise development; and (9) other activities to support microfinance and livelihood development.

Another welcome development is the progress made at the House of Representatives for the rationalization of the country’s fiscal incentives system.

The prudence of these reforms, in terms of insulating the country from present and future external global instabilities, is not lost on our partners. Mr. Thomas Crouch, Deputy Director General of the Southeast Asia department of the Asian Development Bank (ADB), points out that "The Philippines is (now) less vulnerable (and) is in a stronger position to withstand (global instabilities) due to the sensible and prudent fiscal response of the government."

The ADB official’s comments serve only to strengthen the government’s strong resolve to stay the course, confident that the resilient Filipino shall continue to surmount the challenges that life lays before him.

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