Amidst job-cuts due to economic frailty
EQUIP WORKFORCE WITH A COMBINATION OF S&T KNOWLEDGE AND TECHNICAL SKILLS, URGED ANGARA

Recent account from the BSP reported an increase in OFW remittances to up to $ 1.48 billion last May, a 3.7 percent growth from last March 2009 remittance. This notes a 2.8 percent growth in the country's total remittance flows equating to $6.98 billion for the first five months of the year compared to last year's $6.79 billion.

"To a country like the Philippines, remittances are crucial as they provide a more constant source of income to developing countries than official development assistance or even foreign direct investments. Remittances also comprise the country's largest source of foreign exchange. The dollar inflows from remittances help boost the country's balance of payments at a time when the country is at a vulnerable state from a rising import bill and weakening exports," explained Angara, chair of Senate Committee on Finance.

He added, "Amidst the current economic situation, it is fortunate that remittances continue to show steadiness bringing about some $16 billion transmittals according to last year's records."

On the other hand, according to the International Labor Organization (ILO), more than a third of the estimated eight million OFWs belong to young sector aged 15 to 24.

"Accordingly, we must equip our youth with the necessary skills. It is no longer low-wage, unskilled labor that is a country's driver of economic growth. The key to prosperity in today's world is a well-educated, technically skilled workforce that can produce high value-added, knowledge intensive goods and services," said Angara, author of the bill that created the Technical Education and Skills Development Authority (TESDA).

TESDA was created by virtue of Republic Act No. 7796 aimed at providing efficient technical education and skills development for Filipinos to help the country in enlarging a competitive workforce who are trained and technically-skilled.

He added, "Work experience is more important now than ever. We must liberalize the apprenticeship rule and expand it to allow young people, whether in or out of school, to acquire training and experience. In order for the labor market to absorb the youth, we must combine classroom learning with practical experience. We must put more focus and much-needed resources into science and technology (S&T). Right now, the IT and creative industries provide massive opportunities for Filipinos and will continue to provide jobs in the future."