The Department of Labor and Employment (DOLE) is eyeing to sign a new agreement with the Department of Trade and Industry (DTI) to keep track of the jobs created from the foreign investments secured by President Ferdinand R. Marcos Jr. during his overseas trips.
This as the DTI’s Board of Investments (BOI) announced last Wednesday it is confident of reaching P1 trillion investment approval this year amid the President’s “aggressive but strategic” promotion of the country abroad.
In an interview with the BusinessMirror, DOLE’s Bureau of Local Employment (BLE) Director Patrick P. Patriwirawan Jr. said they are now working on the partnership with BOI.
“We were told during a Senate hearing that there should be a collaboration between DOLE and DTI, particularly BOI, on the aspect of job creation,” the labor official said.
“We will be starting [the talks] in the coming days,” he added.
Under the proposed accord, BLE will give BOI access to their database on the available pool of skilled workers nationwide, which can be used to attract more foreign investors.
“One of the things [foreign investors] look at is the human resource aspect. Do we have a ready work force that will work for the jobs, which will be created,” Patriwirawan said.
The proposed accord will also enable BOI to provide BLE data on the number of vacancies and the kind of jobs from the said foreign investments.
The partnership, Patriwirawan noted, will help address jobs-skills mismatch, help in employment projections, as well as allow them to closely monitor the number and quality of jobs from the said overseas investments.
“Apart from the skills [needs], we will also see the quantity and quality aspect of the jobs, which will be produced as well as their skills needs so the [job matching] will be fast-tracked,” Patriwirawan said, explaining the expected result of the new agreement.
Last week, DTI said about P239 billion worth of foreign investments, which resulted from the overseas trip of the President, are already in various stages of implementation.
BLE said they have yet to obtain data on the jobs, which will be generated from the said investments, which cover manufacturing, infrastructure development, energy, transportation, health care, renewable energy, and business expansion.
DTI said it is currently processing P344 billion worth of investments, which are expected to be completed mid of this year.
Image credits: AP/Markus Schreiber