President Aquino cites advantage of amended PESO Act

By Joann Santiago

MANILA, Oct. 26 (PNA) — President Benigno Aquino III is optimistic on the sustained drop of the country’s unemployment rate following the signing into law of the amended Public Employment Service Office (PESO) Act of 1999 Monday.

In his speech during the Public Employment Service 15th National Congress at the Philippine International Convention Center (PICC) in Pasay City, the Chief Executive said unemployment rate slightly gone down from 7.4 percent in 2010 to 6.6 percent in 2014 due in part to PESO’s contribution.

Citing Department of Labor and Employment (DOLE) data, the President said 5.66 million out of the 8.09 million applicants that tapped PESO’s help from July 2010 to June 2016 were able to find jobs.

He also noted that placement rate during the said five-year period rose from 74 percent in 2010 to 83 percent in 2014.

“Kung dati nga ay tinatawag tayong “Sick Man of Asia,” kaliwa’t kanan na ang papuring tinatanggap natin ngayon. Natawag na tayong “Asia’s Rising Tiger,” “Asia’s Rising Star,” at “Asia’s Brightest Spot.” Patunay lang ‘yan na naibalik na natin ang tiwala at paghanga sa atin ng mundo, na nagresulta naman sa mas masiglang pamumuhunan sa ating bansa,” he said.

Under the amended PESO Act, positions for PESO Manager and Labor and Employment Officer were established.

Also, PESOs are now given a budget, which would be sourced from the local government unit’s (LGUs) internal revenue allotment (IRA).

“Inaasahan nga natin na dahil dito, higit pang titibay at lalakas ang 1,925 na PESO sa buong bansa,” he said.

“Umaasa nga ako na ngayong nadagdagan natin ang kakayahan ng mga LGU na tumugon sa unemployment, mas marami pa tayong kababayang maeempleo. Mas alam ng lokal na pamahalaan ang mga pagkakataon sa kanilang lugar, at mas madali nilang mailalapit ang ating mga Boss sa trabaho,” he added. (PNA)