Gov’t may spend P6B for unemployment insurance

MANILA, Philippines – The government may spend at least P6 billion to provide financial assistance to those rendered jobless by the global financial crisis.

Manila must be prepared to provide unemployment insurance to an estimated 100,000 to 200,000 Filipinos facing the prospect of joblessness, Socioeconomic Planning Secretary Ralph Recto told reporters on Monday.

The unemployment insurance proposal will be formally submitted during this coming Tuesday’s cabinet meeting to be held in Pangasinan, Recto, also the director general of the National Economic and Development Authority (NEDA), said.

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