Philippine Business Magazine: Volume 8 No. 5 - Editorial
Spend and Create Jobs
by Nonette C. Climaco

For many Filipinos, leaving the country and finding jobs abroad is the only practical solution to earn decent wages. Records show that there are 73.8 million overseas Filipinos Workers (OFWs), nearly 10% of the country's estimated population of 76 million. The highest concentration of land-based workers is in the Kingdom of Saudi Arabia. However, in terms of amount of remittances, the biggest contribution comes from the United States, presumably because there are more white-collar workers there and salaries on a per worker basis are higher than their counterpart workers in other parts of the world. Remittances from U.S.-based workers reached US$1.26 billion in January to May 2001 compared to US$983.15 million from from the rest of the world.

It is no surprise, therefore, that when terrorists attacked the United States on 11 September, not a few were concerned about its effects on the Philippines. Aside from lower demand for Philippine exports, the thousands of jobs lost in the American economy could have been directly lost by Filipino workers there.

But while thousands of aspirants for foreign jobs gave up hope of finding employment abroad, there are the more persistent ones who would risk uncertainties abroad due to the lack of job opportunities in the local economy. I even heard stories of people leaving for Pakistan – in the midst of U.S. attacks on Afghanistan – because they had guaranteed employment contracts there. They said it is better to have sure jobs in a dangerous country, rather than no jobs at all.

It therefore becomes even more imperative that the economy generate more jobs immediately. The retail trade sector is one area that can provide the opportunities for job creation – construction of malls and shopping centers, merchandising, sales force, etc. – and we are pleased to feature the man who has aptly earned the title, King of the Malls, Mr. Henry Sy. And so while we remain concerned on terrorism’s effects on the global economy, we encourage people to do a little bit of shopping and spending – locally – to help perk up the economy and create the needed jobs.