Connect with us

Hi, what are you looking for?

Economy

PESO Act amendment seeks to add entrepreneurship assistance services

A SENATE BILL seeking to amend the PESO Act, which created a government office for job referrals, hopes to add facilitation services for aspiring entrepreneurs, with the creation of a cohort of self-employed workers intended to address high unemployment levels.

Senate Bill 7, refiled by Senator Lorna Regina B. Legarda, adds services for applicants seeking to start businesses. It proposes to amend Republic Act 8759 or the Public Employment Service Office (PESO) Act of 1999.

“Inarguably, entrepreneurs play a key role in creating job opportunities and consequently in stimulating the country’s economic growth,” she said in a statement on Wednesday.

The PESO Act created the Public Employment Service Office. If the amendment passes, this agency will be renamed the Public Employment and Entrepreneurship Service Office (PEESO), with Barangay Employment and Entrepreneurship Service Offices (BEESO) operating at the community level.

Unemployment hit a three-month high in May while job quality deteriorated despite increased economic activity, the Philippine Statistics Authority said.

Preliminary data from the statistics agency indicate that the jobless rate in May hit 6%, higher than the 5.7% posted in April but easing from the 7.7% rate in May last year.

Job quality deteriorated as the underemployment rate — the proportion of those already working but still looking for more work or longer working hours — rose to 14.5% in May from 14% in April. It was the highest underemployment rate since the 15.8% posted in March. — Alyssa Nicole O. Tan

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

World News

Malaysian state oil company Petronas said on Tuesday it would defend its legal position after two of its subsidiaries were seized in Luxembourg. The units were seized by...

Politics

Telemundo reporter María Vargas Pión on Friday confirmed the man who raped a 10-year child in Ohio is indeed in a relationship with the...

Editor's Pick

I’m sitting down again with my student Jack Kellogg — who just passed $10 million in trading profits — to get his take on...

World News

KUALA LUMPUR — Nature lovers visiting Malaysia’s Taman Tugu forest reserve can spot monkeys eating fruit in the trees, watch lizards darting across trails...

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2022 FutureMoneyFate.com All Rights Reserved. Spirit