Foreign investments not enough to create jobs; Villar urges entrepreneurship

The Philippines cannot rely on foreign investments alone to generate enough jobs to address unemployment problem, former Speaker Manny Villar said yesterday.

"This alone (foreign investments) is not enough. We must internally generate employment as well," Villar said pointing out that encouraging more entrepreneurs is the key to expanding job and income opportunities for Filipinos.

"We must do this especially now that other countries are experiencing an economic slowdown. We need a stronger entrepreneurial class to revive the economy and give jobs to our countrymen," said Villar, considered one of the country’s foremost entrepreneurs prior to his entry into politics.

Villar said that if more and more Filipinos with available capital invest locally in new businesses or expand existing ones, this will "do wonders for the economy."

Aside from the prospect of self-sufficiency, starting your own business will be a big help to other Filipinos seeking employment," Villar said.

He said that to bring down the 11.4 percent unemployment rate to a single digit figure, efforts to attract new foreign investments must be coupled with initiatives to build a "strong entrepreneurial class."

Villar maintained that an "entrepreneurial revolution" is one of the keys to the nation’s long-term economic growth.

The People Power Coalition candidate is running for senator on a platform of providing jobs and decent homes for Filipinos.