NextGen Day

A business group believes that once the unemployment rate fell in December 2022, the downward trend in unemployment may be maintained by luring more foreign investment into the nation.

Sergio Ortiz-Luis Jr., president of the Employers Confederation of the Philippines (ECOP), praised the 4.2 percent unemployment rate in December 2022, which will be the lowest in 17 years since April 2005, during the Laging Handa public briefing on Friday.

Ortiz-Luis praised the government’s initiatives to draw in investments, particularly from foreigners.

He claimed that the choice to establish and grow their companies in the Philippines would result in the creation of more jobs for Filipinos.

Ortiz-Luis stated that greater commercial activity and job creation are anticipated as a result of President Ferdinand R. Marcos Jr.

The ECOP chief declared, “What the government is doing is good; the current government is promoting investments.” “At ang gobyerno naman ay napakaganda ng ginagawa ng gobyerno ngayon na nag-i-encourage ng investment,” he added.

These investments, according to Ortiz-Luis, will assist the nation in avoiding the effects of external economic headwinds like a potential recession in important markets like the United States and Europe.

I’m hopeful that we will avoid that recession due to the excellent leadership of our present administration, he continued.

Marcos returned to Manila on Thursday from a state visit to China where he received investment commitments totaling $22.8 billion USD from Chinese companies.

The majority of these investment commitments are in the fields of agribusiness, mineral processing, electric vehicles, and renewable energy.

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