Philippine Asian News Today Vol 20 No 20 | Page 11

October 16 - 31, 2018
BUSINESS NEWS
PHILIPPINE ASIAN NEWS TODAY
11
Duterte abolishes Philippine Sugar Corp.
President Rodrigo Duterte has
abolished the Philippine Sugar
Corp. as part of his effort to
streamline the bureaucracy.
The abolition of the state-run
firm is contained in Memorandum
Order No. 30, which was issued
last October 25.
Duterte said the Governance
Commission for Government-
Owned and Controlled corporations
has recommended the abolition of
PHILSUCOR because its functions
and purpose duplicate or overlap
with those of the projects of the
Sugar Regulatory Administration
and state-run financial institutions.
PHILSUCOR was formed in
1983 through Presidential Decree
No. 1890, primarily to provide
financing in the acquisition,
rehabilitation and expansion of
sugar mills, refineries and other
related facilities used in the
manufacture, packing, storage,
distribution and shipment of
Filipino workers would switch
careers for better salary,
stability: survey
More than half of
Filipino workers would
switch careers for better
pay and financial stability,
a recent survey conducted
by a recruitment company
revealed.
The
survey,
commissioned
by
recruitment firm Monster.
com, showed that the desire
to earn higher salaries and
explore other options is the
main reason why Filipino workers
switch career paths.
A total of 82% of workers were
looking for new jobs within their
field of expertise, while 88% were
also considering switching to
another industry.
The biggest reasons for the
career switch were better salary and
financial stability (54%), followed
by lack of growth opportunities in
their current field (23%).
In the Philippines, the most
desirable industry for young
Filipinos to switch to was travel
and tourism (10%), followed by
education (9%), and banking/
financial services/insurance (8%).
The survey also showed that
sugar and its by-products and
derivatives.
Duterte noted that much of
the financing needs of sugar
mills are already being provided
by the Development Bank of the
Philippines, the Land Bank of the
Philippines and private banking
and financing institutions.
The assets of PHILSUCOR
will be liquidated to settle its
outstanding liabilities. Government
workers who will be affected by
the abolition will be entitled to
retirement or separation benefits.
Duterte also formed a technical
working group that would assist
the GCG in implementing the
abolition.
The group will consist of
representatives from the agriculture,
finance and budget departments,
the SRA and the Privatization and
Management Office. (A. Romero,
PS)
PNT Foreign Exchange
$1.00 Cdn = P 40.54 Php
$1.00 US = P 53.35
€1.00 EUR = P 60.36
D1.00 BHD= P 141.55
R1.00 SAR = P 14.21
46% of Filipinos believe that those
who make a career shift are “brave”
for doing so.
Monster.com surveyed over
2,400
professionals
across
Malaysia (799), the Philippines
(1264) and Singapore (410) to
identify challenges and perceptions
when it comes to switching careers
and industries.
The responses are part of the
company’s
#IMadeTheSwitch
campaign, which aims not only
to identify employees’ reasons for
switching to a new job, but also to
raise awareness on issues around
career transitioning in Southeast
Asia.(abs-cbn business news)
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