Innovation key to a competitive exit post-crisis: HP

Albay, Bicol – Businesses need to invest on innovating their business processes not only to survive the crisis, but also to come out of it as a competitive entity, an HP executive remarked during a forum with IT reporters here Friday.

Citing the need to change the economies of technology due to the recent global financial crisis, Diana dela Rosa, technology services country manager, HP Philippines , said CIOs are faced with a constant challenge to balance the act between transforming their company and remaining stable during the crisis.

“There are firms who balance cost cutting with investment,” dela Rosa said, dispelling misconceptions that a crisis is a time for immense and drastic budget cuts. “They are focused on balancing cost reductions with laying the groundwork to exit the crisis more competitive.”

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ASEAN vows coordinated effort vs economic crisis

In a joint statement issued at the end of the two-day 14th ASEAN Summit in Hua Hin, Thailand, the leaders vowed to shun protectionism and to support efforts that would bolster global trade, while allotting sufficient resources to save jobs and assist vulnerable sectors.

The statement did not spell out any specific actions but the leaders said they endorsed expansionary policies, including fiscal stimulus plans, monetary easing, access to credit and trade financing, and measures to stimulate domestic demand.

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OFW deployment up 25% in January

Departures by job seekers rose 25% to 165,000 in January from the same month last year, Philippine Overseas Employment Administration administrator Jennifer J. Manalili told reporters.

“As of end-January we have deployed 165,000 and that’s higher than last year — and also considering that there is crisis,” she added.

The Labor department reported last month that deployment of overseas Filipino workers (OFWs) rose 27.8% to 1.377 million last year from 1.078 million in 2007. The 2007 deployment figure, in turn, was a mere 1.42% rise from the 1.063 million recorded in 2006.

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Study highlights risks from capital and currency inflows

The report for the Committee on the Global Financial System, set up by the G10 group of central bankers, said that some of the risks it identified had materialized during the recent financial crisis.

“This crisis therefore puts renewed emphasis on the need to strengthen local financial systems,” it said, underlining the vulnerability of countries with “open” capital transfers to financial shocks originating from abroad.

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Crisis may worsen sharply, says ILO

The Geneva-based agency yesterday released its latest Global Employment Trends report, which noted that working poverty, vulnerable employment and unemployment had begun to rise last year. Global unemployment, it said, rose to 6% last year to some 190 million, from 5.7% in 2007.

An “optimistic” scenario, it said, would have just 18 million added to the worldwide jobless tally from 2007. Should “growth slow more rapidly this year and recovery be delayed into 2010″, an increase of 51 million “is a possibility”, the ILO said.

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Crisis puts squeeze on Koreans in RP

MANILA, Philippines–For years South Koreans have flooded into the Philippines, finding it one of the cheapest places in Southeast Asia for recreation, study and investment.

From Baguio City in the north of this sprawling archipelago to Davao in the south and all major cities in between, distinctive communities have risen with Korean restaurants, grocery stores, beauty parlours, hotels, resorts and bars.

Even Korean television dramas have become popular among Filipinos, having first been dubbed into the local language.

An estimated 75,000 Koreans now study in the Philippines, mainly learning English. It has also become a popular destination for retirees seeking year-round warm weather, cheap golf courses and apartments to live in.[Continue Reading...]