Financial Literacy on Manufacturing Employees

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University of San Carlos

P. Del Rosario St. Cebu City

“FINANCIAL LITERACY OF EMPLOYEES IN THE FOOD MANUFACTURING INDUSTRY IN SELECTEDMANUFACTURING COMPANIES”

Group #7

RRL, SIGNIFICANCE OF THE STUDY, SCOPE OF LIMITATIONS

In Partial fulfillment of the requirements of BA 109- Business Research

12:00-1:30 pm MW EH107MC

AY 2013-2014

Submitted by:

Alivio, Gelijane

Quijada, Sanny Jay

Book.Dianara Mae J.

Submitted to:

Dr. Grace Marie V. Lape

Chapter I

I Statement of the Problem An article on unemployment states that “the official unemployment figures for the Philippines in 2011 are among the worst in Asia, higher than its South-East Asian neighbors and according to the International Labor Organization the country is among the worst one-fourth in the world in terms of unemployment rates. Without a strong manufacturing industry or real Filipino industry, the economy will be unable to create enough decent paying jobs. Till then, manufacturing or services will remain substandard, or of low value-addition. According to employment figures, jobs in the Philippines manufacturing sector increased by just 8% of the total employment. Nearly three out of every ten people in the labor force are looking for work or are jobless. The mining sub-sector said to be one of the fastest growing industry in 2011 failed to generate new jobs (just 0.6% of total employment). Steadily rising inflation has contributed to the erosion of the value of the minimum wage. Though the Aquino administration increased the minimum wage and announced cash dole-outs but lack of quality decent paying jobs and higher real wages continue to be a problem. The government’s policy to encourage foreign capital, even if in just low value-added assembly operations will continue to hinder real growth and development of the manufacturing sector. The Aquino administration needs to plan over the long-term, and prepare an

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