The unemployment rate in the Philippines showed a promising decline in November, according to the Philippine Statistics Authority (PSA). The country’s jobless rate decreased from 4.2 percent in October to 3.6 percent, marking a positive trend in the labor market. Compared to the same period last year, the rate also dropped from 4.2 percent to 3.6 percent, reflecting a year-on-year decrease of 350,000 unemployed individuals.
This decline translates to 1.83 million unemployed Filipinos, which is 260,000 less than the figure reported in October. Furthermore, it is significantly lower than the 2.18 million unemployed individuals in November of the previous year. These numbers indicate a positive shift in the employment landscape of the Philippines.
While the unemployment rate saw a decline, the underemployment rate remained stable at 11.7 percent in November. Underemployment refers to individuals who are actively seeking additional work or an extra job. Although the rate remained the same as in October, it was lower than the 14.4 percent recorded in the same month last year. The number of underemployed individuals in the country stands at 5.79 million.
The employment rate in the Philippines experienced an increase, rising to 96.4 percent in November from 95.8 percent in November 2022 and October 2023. This positive trend indicates a growing number of individuals finding employment opportunities. In November 2023, the number of employed individuals reached 51.47 million, compared to 49.89 million in October. In November 2022, the figure stood at 51.88 million.
When examining the sectors, the services sector continued to dominate the labor market in November, accounting for 59.5 percent of the employed population. This sector plays a crucial role in the Philippine economy, contributing significantly to its growth and development.
The country’s Labor Force Participation Rate (LFPR) in November 2023 was registered at 65.9 percent, reflecting an increase from October’s 63.9 percent. However, it was slightly lower than the LFPR reported in November 2022, which stood at 67.5 percent. The LFPR measures the proportion of the working-age population that is either employed or actively seeking employment.
The decline in the unemployment rate and the increase in the employment rate are positive indicators for the Philippine economy. These trends reflect a growing number of job opportunities and a more favorable labor market environment. The government’s efforts to promote economic growth and create employment opportunities are yielding positive results, benefiting both individuals and the overall economy.
It is important to note that these statistics provide valuable insights into the labor market in the Philippines. They serve as a gauge for policymakers, businesses, and individuals to assess the current economic climate and make informed decisions. As the country continues to navigate the challenges brought about by the global pandemic, monitoring these indicators will be crucial in ensuring the sustainability of the labor market and the overall economic well-being of the nation.
Source: The Manila Times
