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Unemployment eases to 6.5 % in Nov
By J.Lo
“Employment in the country improved with reported 43.83 million employed persons in October 2021 from 39.84 million employed persons in the same period last year…in July 2021,the number of employed persons was registered at 41.67 million,” the Philippine Statistics Authority (PSA) said Philippines’ unemployment rate eased to 6.5 percent in November,2021, last year, as the country eased COVID-19 restrictions.
PSA said underemployment meanwhile hit 16.7 percent in November, which was higher than underemployment rate recorded in the preceding month.
Employment figures have bounced back from record highs posted in 2020, at the height of the lockdowns imposed to curb the spread of COVID-19, which caused Philippines’ worst post-war recession.
As pandemic enters its third year, economic managers forecast that more targeted measures to fight COVID-19, will see economy regain its pre-pandemic level of productivity this year 2022.
The Philippines’ unemployment rate fell in October even as underemployment climbed during the month, the state statistics bureau said.
PSA said unemployment rate was at 7.4 percent in October, meaning around 3.5 million Filipino workers were jobless for the month.
October’s figure was lower than 8.9 percent jobless rate seen in September, and 8.7 percent rate in October last year.
The underemployment rate meanwhile climbed to 16.1 percent in October, from 14.2 percent in September. Underemployed refers to workers who already hold jobs but still seek additional jobs or working hours.
The PSA noted improvement in the country’s job market.
The employment rate increased to 92.6 percent in October from 91.1 percent in September.
“By broad industry group, services sector continued to dominate employment market having largest share of employed persons of about 57.6 percent… agriculture and industry sectors accounted for 24.6 percent and 17.8 percent of the employed persons, respectively” the PSA said.
The country’s economic managers said the October employment figures support government’s shift in its management of COVID-19 pandemic.
“We are on the right track to strong and early recovery…once more, our strategy has been proven correct,” Socioeconomic Planning Secretary Karl Chua, Finance Secretary Carlos Dominguez III and Budget and Management Officer-in-charge Tina Rose Marie Canda collective clamors.
They said as country relaxed restrictions to alert level 2, more people were able to work while COVID-19 positivity, case fatality, and bed occupancy rates continued to improve.
“Sustaining these gains will allow us to recover to the pre-pandemic level in early 2022, a year ahead of the government’s initial estimates,” they said.
Meanwhile, PSA data also showed that two of the country’s most productive regions still had jobless rates higher than the national average.
The National Capital Region had a jobless rate to 9.2 percent while CALABARZON 10.3 percent.
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