Human Resources
and Social Impacts of the Financial Crisis:
The Philippine Case

This is a Philippine case study presented during a symposium sponsored by the APEC-HRD Working Group on the Human Resource and Social Impacts of the Financial Crisis held on 15 June 1998 in Chinese Taipei.

The study starts with an analysis of the current labor market situation and profile of workers affected by the Asian flu.  Accordingly, while attention is generally focused on the economic/ financial implications of the financial crisis, concerns are raised on the impact of the regional turmoil on human resources.  It adds that with a slow growing economy, and increasing unemployment, affected sectors need to be assisted and supported immediately.

The study also enumerates the measures undertaken by government, labor, and business enterprises.  Lastly, it identifies challenges that the Philippine government must overcome, as well as the actions it should undertake to reap some “benefits” brought about by the financial crisis.