Tuesday, March 14, 2006

Employment: "Passive" overseas investments could create 1.6 million jobs in Philippines

Mindanao Daily Mirror, reports that former senator and labor leader Ernesto Herrera, has claimed that the $10.4 billion, stashed by wealthy Filipinos in "passive" investments overseas could create up to 1.6 million high-paying jobs once the money is put to work in productive enterprises in the Philippines.

The general secretary of the Trade Union Congress of the Philippines, went on to say, "Poor governance is the single biggest disincentive for wealthy Filipinos to invest their money in their own country."

He explained that his estimate was based on the "rule of thumb" that a $100,000 investment is enough to produce at least 15 well paid jobs, using as a model the country's thriving information technology services industry.