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Sec. Lopez fears losing foreign direct investments to Vietnam
« on: October 08, 2016, 07:24:04 AM »
Sec. Lopez fears losing FDIs to Vietnam if forced regularization in firms pushed
By Kris M. Crismundo

MANILA, Oct. 7 (PNA) -- The country might lose prospective foreign direct investments (FDIs) to Vietnam if the government pushes for firms to regularize employees or just source their manpower to service providers, Trade Secretary Ramon Lopez said.

In an interview over a local radio station, Lopez said it is crucial to push for security of tenure of workers but this should not scare off investors to establish their businesses in the country.

"We really need to protect our labor market but we also need to give our investors options of hiring regular employees or sourcing them to service providers," he said in Filipino.

"If we cannot give them [prospective investors] options, flexibility, they might just go to Vietnam," he added.

In a dialogue with the labor department along with the business community and service providers last month, the trade chief presented a "win-win" solution to stop end-of-contract scheme or "endo" as part of the administration’s initiative to strengthen security of tenure among workers.

In his proposal, the service provider -- which will deploy manpower to their respective client companies -- will have the direct employer-employee relation and will ensure the security of tenure of their workers.

The service provider also has the responsibility to re-deploy their workers to other firms if the workers’ service to their respective companies has ended.

On the other hand, the principal or the company will pay the salary and provide benefits to workers such as from SSS and PhilHealth as well as retirement benefits, among others through the service providers. (PNA)

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