The country’s jobless rate has inched up in December 2022 from the previous month’s level, data released by the Philippine Statistics Authority (PSA) showed.
According to the PSA’s latest labor force survey, the country’s unemployment rate in December was estimated at 4.3 percent, the second lowest since April 2005, following the 4.2 percent recorded in November 2022.
In terms of magnitude, the PSA said the total number of unemployed persons 15 years old and over increased by 43,000, to 2.22 million in December 2022 from 2.18 million in November 2022.
The unemployment rate in December, however ,was lower than the jobless rate in the same month in 2021 at 6.6 percent. This translates to 1.1 million fewer unemployed compared to December 2021.
“The government remains committed to providing more, better and green job opportunities to Filipinos and sustaining a vibrant labor market through the strategies articulated in the Philippine Development Plan 2023-2028,” National Economic and Development Authority (NEDA) secretary Arsenio Balisacan said in a statement yesterday.
Top employment contributors in December 2022 include wholesale and retail trade, other service activities, and accommodation and food service activities, which were boosted by the full resumption of commercial activities, pent-up demand, and holiday spending.
However, these were tempered by losses in agriculture due to weather disturbances and the spread of infectious diseases among livestock and poultry, the NEDA said.
“We are steadfast in pursuing this year’s growth target amidst global and domestic risks to ensure that jobs are preserved and new employment is generated. Generating more and high-quality jobs in the agriculture sector and ensuring food security for Filipinos remain part of our top priorities,” Balisacan said.
Underemployment rate in December 2022 slid to 12.6 percent from 14.4 percent in November 2022, the PSA said.
This was also lower than the reported rate in the same period in 2021 at 14.7 percent. In terms of magnitude, about 6.2 million of employed persons expressed the desire to have additional hours of work in their present job or to have additional job, or to have a new job with longer hours of work in December 2022.
“As emphasized in the Philippine Development Plan 2023-2028, increasing the income-earning ability of Filipinos entails developing their employability in the market. Alongside providing high-quality jobs, we must ensure that their skills are not just aligned with current in-demand requirements but can also continuously keep up with the demands of evolving and emerging jobs,” Balisacan said.
“Crucial to achieving social and economic transformation is the ‘transformation of talent’ that would create an agile labor force and sustain labor market gains. We will leverage our momentum to ensure the rapid and dynamic growth of our economy,” he added.
The PSA also reported the employment rate in the country in December 2022 was estimated at 95.7 percent, lower than the reported employment rate in November 2022 at 95.8 percent but higher than the 93.4 percent employment rate reported in December 2021. The employment rate of 95.7 percent translates to 49 million employed Filipinos 15 years old and over in December 2022.
The labor force participation rate (LFPR) in December 2022 was posted at 66.4 percent, equivalent to 51.22 million individuals in the labor force. The LFPR in December 2022 was lower than the reported rate in November 2022 posted at 67.5 percent but higher than the LFPR in December last year at 65.1 percent.
