Based on the latest findings of the Philippine Statistic Authority (PSA), the national unemployment rate fell down to 3.6% as of November 2023, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The country’s unemployment rate fell to its lowest level in November last year, while employment reached its highest since April 2005, the Philippine Statistics Authority (PSA) reported on Tuesday.
At a briefing, National Statistician Dennis Mapa said results of the PSA’s latest Labor Force Survey (LFS) showed that unemployment rate further went down to 3.6 percent during the month, down from the 4.2 percent recorded in November 2022 and October 2023.
It was the lowest recorded unemployment rate since the PSA introduced a new methodology for measuring the LFS in 2005.
In terms of magnitude, the number of unemployed Filipinos was estimated at 1.83 million, down from 2.18 million in November 2022 and 2.09 million last October.
The Labor Force Participation Rate (LFPR), meanwhile, was registered at 65.9 percent or about 51.47 million Filipinos aged 15 and above who were either employed or unemployed.
The LFPR during the month was lower than the 67.5 percent recorded in November last year.
In a statement, the National Economic and Development Authority (NEDA) said the decline was mainly due to reduced participation of young people (34.4 percent from 40 percent) and women (55.4 percent from 57.8 percent) in the labor force, influenced by family responsibilities, schooling, and age-related factors.
The country’s employment rate was estimated at 96.4 percent, also the highest recorded since April 2005.
The number of employed Filipinos was estimated at 49.64 million.
Underemployed persons or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work was recorded at 5.6 million, lower than last year’s 7.16 million.
NEDA Secretary Arsenio Balisacan said there is a need to expand the digital economy, including the digitalization of Micro, Small, and Medium Enterprises and startups, to address the declining labor force and increase labor market gains in 2024 and beyond.
“Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector. This will help address the declining labor force,” Balisacan said.
“We will take full advantage of the liberalization reforms intended to attract investments in the Philippines, especially in digital infrastructure. Upgrading our infrastructure will attract investments that generate high-quality jobs,” he added.
Balisacan said the government will further support a more productive, agile, and adaptive workforce by passing and implementing crucial regulatory reforms, such as the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to grow and open up new job opportunities for more Filipinos?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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