ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
w
BusinessMirror
Monday, December 26, 2022 Vol. 18 No. 73
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
‘NON-ECONOMIC FACTORS’ n
P25.00 nationwide | 2 sections 20 pages |
IN LABOR DISPLACEMENT R By Samuel P. Medenilla
@sam_medenilla
ESIGNATION and other “non-economic” factors were the most cited causes for the permanent displacement of workers this year, according to the latest report of the Department of Labor and Employment.
In its initial 2022 Job Displacement Report (JDR) obtained by BusinessMirror, DOLE reported that 69.7 percent of the reasons 386,257 employees cited for leaving their work from January to November were “non-economic” in nature. The JDR is taken from the reports regularly submitted by employers to DOLE. The top three most cited “noneconomic” causes for the loss of employment are resignation with 78,800 affected workers, project completion (69,835), and absence without leave (31,649). The remaining 30.3 percent or 117,150 of the said permanent dis-
placement incidents were due to economic causes. Retrenchment to prevent losses was cited as the main economic reason for permanent displacement after it affected 26,684 workers. It was followed by redundancy (20,330), and financial losses (9,448). “Based on year-on-year comparison, Resignation (37.8 percent or +21,605) had the highest increase of displaced workers, followed by Project Completion (33.7 percent or +17,594) and Absence Without Leave (22.7 percent or +5,851),” DOLE said in its latest 6-page JDR. See “Non-economic,” A2
TRIAL RUN FOR POWER RESERVES MARKET TO BE DONE IN 2023–DOE By Lenie Lectura @llectura
A
TRIAL run on the implementation of a power reserves market, which is meant to boost the country’s ancillary services (AS), will be conducted next year, an official of the Department of Energy (DOE) said last week. “By next year, the trial run of the reserve market will begin. It’s a chicken-and-egg situation. We don’t have enough ancillary service because we still don’t have the
reserve market and that’s because there is not enough ancillary service. So now, we will start next year and the hope is that we will encourage more ancillary services to come in,” said DOE Undersecretary Rowena Cristina Guevara said. According to the agency, the reserve market allows for the trading of AS necessary to support the transmission of capacity and energy from resources to loads, while maintaining the reliable operation of the transmission system.
PESO EXCHANGE RATES n US 55.1300
See “Trial run,” A2
FINAL RUSH People line up for final screening at NAIA Terminal 4 in Pasay City on Sunday, Dec. 25, 2022 as they rush to be with their loved ones in the provinces for the holidays. Many local and foreign tourists are also on vacation on Christmas day. The Department of Tourism is looking to improve the digitalization of tourism services across the country to attract more tourists. DOT said that it already surpassed the targeted 1.7 million arrivals of tourists. NONIE REYES
Aid for victims of Christmas rains, floods in South
P
RESIDENT Ferdinand R. Marcos, Jr. on Sunday ordered the distribution of assistance to victims of heavy flooding in Visayas and Mindanao due to incessant rains caused by the amihan (Northeast monsoon) and “shear line” on Christmas Day. The shear line is the phenomenon when cold and warm air meet to create thick clouds. Citing the Department of Social
Welfare and Development (DSWD), the Office of the Press Secretary (OPS) said Marcos gave the instruction on Sunday. The distribution of food packs immediately started in Eastern Visayas and Northern Mindanao for over 78,000 flood victims. Of these, 32,458 people were affected by floods in the towns of Jipapad, Oras, Arteche, Mercedes, Taft, Giporlos in Eastern Visayas
during the weekend. The other 45,687 individuals were from the provinces of Misamis Oriental, Misamis Occidental, Camiguin and Bukidnon in Northern Mindanao. DSWD has 45,000 food packs and P10 million standby funds to provide aid to the affected individuals in Eastern Visayas. For Northern Mindanao, it said it will increase its current 12,000 family food packs to accommodate
the flood-affected individuals. It has P7.3 million worth of stand-by funds for the said relief operations. “Apart from family food packs and non-food relief items such as modular tents, medical kits and hygiene kits, the DSWD is also preparing cash assistance to the victims of the calamity under its Assistance to Individuals in Crisis Situations (AICS) program,” the OPS said. Samuel P. Medenilla
n JAPAN 0.4166 n UK 66.4041 n HK 7.0727 n CHINA 7.8897 n SINGAPORE 40.7495 n AUSTRALIA 36.7497 n EU 58.4213 n KOREA 0.0427 n SAUDI ARABIA 14.6622
Source: BSP (December 23, 2022)