10,000 Peso A Month

[Jollygoodfellow]

10,000 peso a month seems a pretty good deal compared to the average wage I would think.MANILA, March 24 (Reuters) - The Philippines said on Tuesday it is considering providing 6 billion pesos ($125 million) in subsidies to those who had lost their jobs due to the global downturn. At 7.7 percent, the Philippines' unemployment rate is among the highest in Southeast Asia and analysts say the figure could rise further as businesses from electronics to mining cut jobs following a sharp fall in demand. Socio-economic Planning Secretary Ralph Recto said on Tuesday the plan is to give 10,000 pesos a month for six months to around 100,000 former private-sector workers who had been laid off. The funds could come from state pension fund Social Security System (SSS), other government financial institutions, or from the national budget. Recto said he made the proposal during a cabinet meeting with President Gloria Macapagal Arroyo. Arroyo has asked Finance Secretary Margarito Teves to study the plan further.Recto said it makes 'perfect sense' to subsidise workers who have been laid off but who had been paying taxes and monthly contributions to state pension fund SSS for the past two years before losing their jobs. Recto also said on Tuesday the government's budget deficit could balloon to as much as 257 billion pesos ($5.3 billion) this year if tax collections fall short of target and the state fails to sell assets while it raises spending on infrastructure and social services to boost the local economy

[Markham]

What the Government gives with one hand, it takes away with the other hand! Some of the revenue will be recouped in the form of VAT and should also assist other local businesses and help them stay in business. Seems some in the Government have been taking a leaf out of Gordon Brown's book!