Tag: unemployment rate

HSBC Says Philippines Should Focus On Strengthening Services Sector

HSBC Says Philippines Should Focus On Strengthening Services Sector

carlocarrasco

As far as HSBC is concerned, the Philippines would be better off strengthening its services sector instead of playing catch up with manufacturing, according to a business article published by the Manila Bulletin.

To put things in perspective, posted below is an excerpt from the business article of Manila Bulletin. Some parts in boldface…

The Philippines should leverage its services sector to stand out in the global investment landscape, as competition with manufacturing-led economies is well out of reach, according to an HSBC economist.

The country has been lagging behind its peers in Southeast Asia in terms of attracting foreign investments.

Last year, the Philippines secured the sixth spot in the region, trailing behind Singapore, Indonesia, Vietnam, Malaysia, and Thailand, according to the report from the United Nations Conference on Trade and Development (UNCTAD).

This trend is expected to continue this year amid uncertainties in global trade and especially due to the country’s relatively low manufacturing activity.

HSBC Asia Economics Associate Director Ines Lam said the limited scale of the manufacturing sector in the Philippines hinders its ability to draw foreign capital.

Lam explained that attempting to be competitive in manufacturing at this late stage could ultimately be ineffective and counter to the government’s efforts to secure investments.

“Everyone wants to get a piece of the global supply chain. Everyone wants to be a supplier to Apple. But for the Philippines, I think the Philippines’ unique value proposition is its people and soft skills,” she said during the 23rd International CEO Conference hosted by the Management Association of the Philippines (MAP).

Instead of trying to catch up in manufacturing, Lam said the country could instead shift its focus to strengthening its services sector, in which it has an advantage compared to regional partners.

The economist said upskilling the country’s talented pool of workers is a critical component in boosting the sector. She noted that the educational proficiency and English expertise of Filipino workers are the top qualities sought by global employers and investors.

“I’m not saying that manufacturing is not important, but because the Philippines has already found its advantage, I think it’s important that the Philippines does not lose this,” said Lam.

“You provide something new and you improve your offerings in terms of BPO (business process outsourcing) and exports of services. Then, that will help the Philippines to stand out in this world,” she added.

Let me end this post by asking you readers: What is your reaction to the recent developments? Do you agree with HSBC’s economic opinion about the Philippines? Do you think the Philippines should focus more on strengthening the services sector instead of manufacturing? What do you think makes the Philippines not so good at manufacturing when compared with its Asian neighbors?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines Unemployment Rate Hits 5.3% in July 2025

Philippines Unemployment Rate Hits 5.3% in July 2025

carlocarrasco

As controversy about flood control projects continues to dominate the news cycles, more Filipinos reported themselves as unemployed this past July as the unemployment rate jumped to 5.3%, according to a GMA Network business news report.

To put things in perspective, posted below is an excerpt from the business news report of GMA. Some parts in boldface…

The number of Filipinos without jobs or livelihoods increased in July 2025 due to weather disturbances which affected various sectors of the labor market during the period, according to the results of the Philippine Statistics Authority’s latest Labor Force Survey.

At a press briefing on Wednesday, PSA chief and National Statistician Claire Dennis Mapa reported that unemployed persons, ages 15 and above, rose to 2.59 million from 1.95 million in June 2025. This was also higher than the 2.38 million jobless in July 2024.

As a percentage of 48.64 million participants in the labor force who are actively looking for labor opportunities during the period, the number of jobless persons translated to an unemployment rate of 5.3%, up from 3.7% month-on-month.

This means 53 in 1,000 individuals do not have jobs or livelihoods during the period. This was also the highest unemployment since August 2022’s 5.3%.

Labor force participation in July 2025 declined from 52.42 million in June 2025 and 50.06 million in July 2024.

Likewise, employed persons, or those with jobs and livelihoods, during the period contracted to 46.05 million from 50.47 million in June 2025 and 47.68 million in July 2024.

As a percentage of labor force participants, the employment rate stood at 94.7%, lower than the 96.3% seen in June 2025 and 95.3% in July 2024.

Mapa attributed the increase in unemployed persons and decreases in both employed and labor force participation to the series of storms which hit the country during the month.

“Una talaga ang nangyari dito sa July round is first tinamaan ang ating bansa, maraming areas ng typhoons. Ito talaga ‘yung nakita namin na main reason kung bakit bumababa ang labor force participation at employment na rin,” the PSA chief said.

(First, what we saw during the July round is that many areas of the country were hit by typhoons. This was really the main reason why the labor force participation and employment numbers declined.)

Let me end this post by asking you readers: What is your reaction to the recent developments? Do you think the unemployment rate of the Philippines will remain above 5% until the end of the year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines unemployment rate down in February 2025

Philippines unemployment rate down in February 2025

carlocarrasco

The Philippine Statistics Authority (PSA) revealed recently that the unemployment rate of the Philippines fell down to 3.8% this past February from 4.3% the previous month, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the report of the PNA news article. Some parts in boldface…

The country’s unemployment rate fell to its lowest level in three months, data from the Philippine Statistics Authority (PSA) showed.

In a briefing on Tuesday, National Statistician Dennis Mapa said preliminary results of the latest Labor Force Survey showed that the unemployment rate further declined to 3.8 percent in February this year from 4.3 percent the previous month. It was the lowest rate since the 3.1 percent recorded in December last year.

Mapa said the number of unemployed Filipinos declined to 1.94 million from 2.16 million in January this year.

Employment rate on the other hand, rose to 96.2 percent in February this year from 95.7 percent the previous month.

Mapa said the number of employed Filipinos went up to 49.15 million, higher than the 48.49 million and 48.95 million recorded in January this year and in February 2024, respectively.

Industries which recorded the largest increase in employment include accommodation and food service (+377,000), fishing and aquaculture (+365,000), public administration and defense (+330,000), construction (+258,000), and other service activities (+232,000).

Mapa said preparations for the midterm elections and summer holidays helped increase employment in accommodation and food service and other service activities.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there will be more than enough job opportunities for the unemployed throughout the year? Do you think the Philippine economy will grow strongly to sustain new job creation until the end of 2025?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco