MANILA, Philippines, February 8 ------ The country recorded its lowest unemployment rate in nearly two decades as more jobs were made available during the holiday season. In a press briefing, National Statistician Dennis Mapa said results of the Labor Force Survey conducted by the Philippine Statistics Authority showed the unemployment rate dropped to 3.1 percent in December last year from 3.6 percent in November 2023 and 4.3 percent in December 2022. He said the December 2023 jobless rate is the lowest since 2005 when a new methodology for measuring unemployment was introduced.
An estimated 1.6 million Filipinos were unemployed in December last year, down from the 1.83 million in November 2023 and 2.22 million in December 2022. The average unemployment rate for 2023 was at 4.3 percent, lower than the 5.4 percent in 2022. Mapa said the employment rate rose to 96.9 percent in December 2023, the highest since 2005, from 96.4 percent in November 2023 and 95.7 percent in December 2022. Employed people went up to 50.52 million in December 2023 from 49.64 million in November 2023 and 49 million in December 2022.
According to Mapa, it is usually in the fourth quarter when an increase is seen in the country’s employment rate. “There is really seasonality and this is because, of course, during the holidays, consumption is higher and we create additional jobs,” he said. Industries that registered the largest month-on-month increase in employment in December include manufacturing (846,000), construction (462,000), agriculture and forestry (300,000), accommodation and food service activities (174,000) as well as public administration and defense, and compulsory social security (148,000).
Meanwhile, posting the largest month-on-month drop in employment in December were wholesale and retail trade, repair of motor vehicles and motorcycles (-655,000), administrative and support service activities (-183,000), transportation and storage (-181,000) as well as fishing and aquaculture (-174,000). Data also showed the underemployment rate was at 11.9 percent in December last year, higher than the 11.7 percent in November 2023 but lower than the 12.6 percent in December 2022. This translates to 6.01 million people who want to have additional hours of work or an additional job in December 2023, up from 5.79 million in November 2023 but down from 6.2 million in December 2022.
The labor force participation rate was at 66.6 percent in December last year, higher than the 65.9 percent in November 2023 and 66.4 percent in December 2022. While National Economic and Development Authority Secretary Arsenio Balisacan sees the latest unemployment rate as a reflection of the economy’s sustained momentum and resilient labor market, he said the government would continue to prioritize the creation of high-paying jobs to address vulnerabilities in employment and lower the underemployment rate. “We will continue ramping up social and physical infrastructure investments and dramatically improve human capital to strengthen our people’s employment prospects,” he said.
Balisacan is optimistic that favorable labor market trends will continue as the government works to attract more investments by creating an enabling policy and regulatory environment and addressing constraints identified by the private sector. Balisacan added that the issues in the labor market can be addressed through the increased use of digital technology. “To help enable such processes, we are very open to collaborating with our colleagues in Congress to tackle and ultimately pass the Open Access in Data Transmission bill. Accelerating digitalization and improving connectivity through a more competitive and vibrant ICT (information and communication technology) sector can be a game changer, especially when considering the socioeconomic opportunities that can be created and multiplied for small business owners and those in far-flung areas,” the NEDA chief said.
According to Balisacan, the government should put in place reforms in education and training programs, such as upskilling and reskilling to prepare the workforce for the changing digital landscape. “We will continue to advocate for interventions to support a more agile and adaptive workforce, such as the Apprenticeship Bill, Lifelong Learning Bill, and Enterprise Productivity Act.
Source: philstar.com
Commentaires