No massive layoffs DOLE

MANILA, Philippines – The Department of Labor and Employment (DOLE) yesterday ruled out the possibility of massive retrenchment of workers in the coming months despite the spiraling cost of oil and slowdown in the US economy.

Acting Labor Secretary Marianito Roque said the labor market has shown its resiliency in the past year and its capability to keep workers is expected to continue this year.

“Even with the oil price hikes as early as last year, a majority of the commercial establishments nationwide were able to survive and keep their workers,” Roque said.

Roque then noted that the number of companies that closed shop and retrenched workers in the first half of year 2007 due to economic difficulty declined significantly.

“DOLE’s Bureau of Labor and Employment Statistics showed that the number of laid off workers and the companies that closed down due to economic difficulty declined by 65.5 percent, the lowest for the past two years,” Roque said.

He added that more workers were also hired last year, thus pushing employment to 11.3 percent.

“With the local economy improving, there would be less workers losing their jobs, more employers complying with the minimum wage law even with the continuing oil price hikes,” Roque said.  – Mayen Jaymalin