Department of Labor and Employment’s Response to the Impact of the Financial Crisis
Maria Teresa M. Soriano
Discipline: Social Science, Finance
The far-reaching effects of the global financial crisis are being felt in many countries, as in the Philippines, most evidently through the loss and scarcity of jobs. The Department of Labor and Employment (DOLE) is responding to the crisis by putting in place a framework of assistance to displaced workers; assessing the type of assistance needed and mobilizing teams to provide services to workers; validating information received from affected companies; partnering with other government agencies to address the problem; and identifying opportunities for multisectoral collaboration and cooperation. The government has allocated and released funds to assist affected workers. It also works with companies to institute fl exible work arrangements to mitigate the effects of the loss of income to employees. The DOLE continues to prepare various programs for workers in anticipation of retrenchments in the light of decreased trade and investments and the streamlining of production processes across industries.