Malacanang said the government’s massive “Build, Build, Build” initiative could address unemployment issue in the country amid reports on some companies’ plan to lay off workers.
“We are confident, because of the Build, Build, Build program of the government,” Presidential Spokesperson Harry Roque said in a media briefing.
This was in reaction to earlier reports that the National Capital Region may witness more layoffs in the future.
Reports came after the Philippine Statistics Authority (PSA) received notices in January from over 400 companies, informing their move to terminate more than 6, 000 employees.
Coca-Cola FEMSA recently announced its move to lay off workers due to “evolving regulatory environment, our operational efficiency, and, consequent performance in the market.”
The spokesperson added “unprecedented locators and foreign investors” that registered with the Board of Investments (BOI) would help address the issue.
“And of course, we have also record figures as far as manufacturing output of the country is concerned,” he said.
Roque also noted the manufacturing sector in the country was considered to be one of the top performing industries for 2017.
“Manufacture has been experiencing high growth over the last seven years averaging greater than 7 percent. In 2017 it grew an average of 8.6 percent,” he said.
Citing BOI data, he said the manufacturing sector posted a 95 percent growth in investments to P96 billion in 2017 versus the P49.259 billion in 2016.
“With the increase in infrastructure projects in the public and private sectors this year, BOIs exposed for growth and economic activities outside Metro Manila, will have the needed support as well as the government’s Build, Build, Build program,” Roque said.