Manila, Philippines ? The world economy has focused too much on finance and too little on the needs of society, Director General Juan Somavia of the International Labour Organization (ILO) said at the plenary meeting of the recent 101st International Labour Conference. To turn the inefficient growth patterns of today?s world economy around, he said, there is need for a redefinition of priorities to overcome the dogmas of the past.
According to the ILO, around 30 million people have been added to the unemployed since the 2008 financial conditions, and nearly 40 million more have stopped looking for employment. The financial condition is a ?pile-up? caused by a globalization model whose values were shaped in the 80s, picked up speed in the 90s and has now ?gone out of control.?
The ILO Chief said growth, however indispensable, can no longer be the key criterion for the world economy; that creating quality jobs, especially for youth, reducing poverty and informal work, promoting the growth if middle lasses as well as providing fair access to opportunities, should from now on also be criteria to measure macroeconomic success.
The ILO 2009 Global Jobs Pact, which was adopted by the ILO in 2009 as a response to the 2007-2008 global economic conditions, offers a response initiatives that countries can adapt to their specific needs. These measures include retaining persons in employment, sustaining enterprises, and accelerating employment creation and jobs recovery, all combined with social protection, especially for the most vulnerable.
We greet the United Nations led by Secretary General Ban Ki-moon, International Labour Organization headed by Director General Juan Somavia, Executive Director Maria Angelica Ducci, and Regional Directors Thetis Mangahas (Asia and the Pacific), and Lawrence Jeff Johnson (Philippine Country Office), other Officers and Members, on the occasion of its 101st International Labour Conference. The Manila Bulletin, led by its Chairman of the Board Dr. Emilio T. Yap, President and Publisher of Atty. Hermogenes P. Pobre, Executive Vice President Dr. Emilio C. Yap III, Editor-in-Chief Dr. Cris J. Icban Jr., Business Editor Loreto D. Caba?es, and Officers, wish them all the best and success in all their endeavors. MABUHAY!
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