UNEMPLOYMENT DOWN. The Philippine Statistics Authority (PSA) reports on Friday (Oct. 6, 2023) that the country's unemployment rate went down to 4.4 percent in August this year from 5.3 percent last year. The total number of unemployed Filipinos was estimated at 2.21 million. (Photo from PSA's Facebook page)
MANILA – The number of unemployed Filipinos fell to 2.21 million in August this year from 2.68 million in the same month in 2022 and 2.27 million in July this year, National Statistician Dennis Mapa said.
In a briefing on Friday, Mapa said preliminary results of the Philippine Statistics Authority's recent Labor Force Survey showed that the unemployment rate during the month went down to 4.4 percent from 4.8 percent in July and 5.3 percent in August last year.
The Labor Force Participation Rate (LFPR) meanwhile was at 64.7 percent in August, or about 50.29 million Filipinos aged 15 years and over who were either employed or unemployed.
The LFPR during the month was higher than the 60.1 percent in July but lower than the 66.1 percent in August 2022.
The number of employed Filipinos was estimated at 48.07 million, higher than the reported 44.63 million in July and 47.87 million last year.
The employment rate was recorded at 95.6 percent.
Mapa said major industries with the largest increase in employment include fishing and aquaculture (+572,000), construction (+534,000), agriculture and forestry (+378,000), human health and social work activities (+153,000), and administrative and support service activities (+143,000).
The number of underemployed persons, or employed persons who expressed the desire to have additional hours of work in their present job or to have an additional or new job with longer hours of work, was registered at 5.63 million, translating to an underemployment rate of 11.7 percent.
This was lower than the reported 14.7 percent rate a year ago.
The National Economic and Development Authority (NEDA), in a separate statement, said the government remains committed to generating high-quality and high-paying job opportunities for workers.
The NEDA said that while the number of unemployed declined, much remains to be done as the number of middle- and high-skilled occupations decreased (-354,000), while low-skilled occupations increased (+551,000) compared to the previous year.
NEDA Secretary Arsenio Balisacan said the government will continue to ramp up efforts to boost economic growth and quality job creation amid economic headwinds.
“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors with the resources needed to bring in high-quality and high-paying jobs,” he said.
Balisacan said the recent approval of the Public-Private Partnership (PPP) Act and the launch of the National Innovation Agenda and Strategy Document (NIASD) 2023-2032 are expected to open greater opportunities for the Philippine labor market.
Passed by the Senate after its third and final reading on Sept. 25, 2023, the PPP Act aims to establish a stable and predictable environment for collaboration between the public and private sectors by reducing transaction costs and improving the ease of doing business for PPPs.
The NIASD 2023-2032, which was launched on Sept. 27, 2023, provides strategies to improve innovation governance in the country, including capacitating innovation actors with the necessary resources and skills.
“The PPP Act is a welcome development for investors as it clarifies long-standing ambiguities that have hindered the implementation of several projects crucial to creating better job opportunities. Meanwhile, the NIASD will serve as the government’s blueprint for establishing a dynamic innovation ecosystem, comprising a Filipino workforce equipped with 21st-century skills to enhance their employability,” he said. (PNA)
