The National Economic and Development Authority, Department of Trade and Industry and business groups yesterday lauded the Senate’s concurrence of the ratification of the Regional Comprehensive Economic Partnership agreement as this would strengthen the country’s position as an investment destination in Southeast Asia.
Under conditions of a worsening global economic crisis, the mass lay-offs in the Philippines are part of the relentless assault on the wages and living conditions of workers around the world.
In the midst of a global demand slump and warning of temporary closures and more worker layoffs in the next few month, the Philippine garments industry appears to be struggling..
The announcement by OPEC and Russia that they will slash oil production by two million barrels per day increases the chances of a world recession. If it happens, the impact on poorer countries like ours will be brutal.
The country’s wearable exports industry is experiencing a decline in the number of workers, which may further increase if the global slowdown of consumer demand worsens, according to the Confederation of Wearable Exporters of the Philippines.