MANILA, Philippines, December 15 ------ The number of unemployed Filipinos rose in October from a month ago as typhoons that hit the country led to a decline in people taking part in the labor market, according to the Philippine Statistics Authority (PSA). In a press conference, National Statistician Dennis Mapa said the country’s unemployment rate went up to 3.9 percent in October from 3.7 percent in September.
The October unemployment rate, however, declined compared to the 4.2 percent posted in the same month last year. In terms of magnitude, there were 1.97 million jobless Filipinos in October, higher than the 1.89 million in September, but lower than the 2.09 million unemployed Filipinos in October last year. The country’s employment rate declined to 96.1 percent in October from 96.3 percent in September, but went up from 95.8 percent in October 2023. This translates to 48.16 million employed Filipinos in October, lower than the 49.87 million in September, but up from 47.79 million in October 2023.
The underemployment rate also increased to 12.6 percent in October from 11.9 percent a month ago and 11.7 percent in October 2023. There were an estimated 6.08 million underemployed Filipinos or those looking for additional hours of work or an additional job in October, higher than the 5.94 million in September and 5.60 million in October 2023. The October labor force participation rate dipped to 63.3 percent from 65.7 percent in September and 63.9 percent last year.
There were 50.12 million Filipinos in the labor force in October, down from 51.77 million in September, but up from 49.88 million in October 2023. Mapa attributed the decline in labor force participation and employed individuals in October to weather disturbances, particularly typhoons. “Those had an impact on the decision to participate in the labor market,” he said.
Commenting on the data, the National Economic and Development Authority (NEDA) said the government remains committed to generating high-quality employment for Filipinos. While the unemployment figure for the January to October period is at 4.3 percent and better than the 2024 target of 4.4 to 4.7 percent set in the Philippine Development Plan, NEDA Secretary Arsenio Balisacan said there is a need to intensify efforts to create more and better-quality jobs to meet the target set by 2028. He said the government is committed to implement both supply- and demand-side measures to generate quality employment.
The NEDA, in particular, is finalizing? the?Trabaho? para ?sa? Bayan Plan by the end of the year. This plan will guide efforts to create a more dynamic labor force. The NEDA also expects the recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act to generate additional income opportunities and stimulate economic growth.
In addition, the Enterprise-based Education and Training Framework Act is expected to address gaps in the labor sector by expanding training and upskilling programs. “The Marcos administration is working tirelessly to fast-track the critical infrastructure projects in key sectors such as connectivity, telecommunications, energy and water to generate more income opportunities,”Balisacan said. “Additionally, we are prioritizing the upskilling and reskilling of our workforce to equip Filipino workers with the knowledge and capabilities needed in today’s dynamic job market,” he said.
Source: philstar.com
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