MANILA, Philippines - More banks and other financial institutions are complying with labor laws as the country prepares for its economic integration with the Association of Southeast Asian Nations (ASEAN).
Labor Secretary Rosalinda Baldoz reported that thousands of financial institutions have voluntarily submitted for inspection on labor compliance.
Over 8,000 banking and finance establishments were assessed in 2014. About 3,800 were found to have deficiencies in general labor standards and over 2,000 in occupational safety and health standards.
“These deficiencies are being corrected as called for under the system. We also note that many of the establishments covered provide or implement various employee welfare programs and benefits,” Baldoz said.
According to her, labor law compliance is a vital competitiveness measure in the ASEAN financial integration.
She noted though that the Banking Industry Tripartite Council (BITC) signed recently four agreements to strengthen the competitiveness of the local banking industry and sustain industrial peace.
“The signing of agreements defines the significant role of tripartism and social dialogue as effective institutions in ensuring the stability and competitiveness of the industry,” Baldoz said.