NextGen Day

According to the National Economic and Development Authority, the Philippine labor market maintained its upward trend, with the unemployment rate reaching a new record low since the start of the pandemic. The government, however, is still committed to improving the quality of employment to address underemployment in the nation (NEDA).

According to a report released on Tuesday by the Philippine Statistics Authority, 2.2 million more Filipinos entered the labor market as a result of the robust recovery of the economy, bringing the nation’s labor force participation rate from 63.3 percent annually to 65.2% in September 2022.

As a result, the employment rate increased and reached 95% in September 2022, the highest percentage since January 2020. In September 2022, there will be 47.6 million people employed worldwide thanks to the major de-escalation of community quarantine limitations, which results in a 4.0 million increase in employment annually.

The nation’s jobless rate drastically decreased from 8.9% percent in the same period of last year to 5.0 percent in September 2022.

This results in 1.8 million fewer people being unemployed. It continues to be substantially on pace with other significant Asian economies and is less developed than those of China, India, and Indonesia.

“The findings of the most recent survey demonstrate the benefits of our economy’s complete recovery. In order to create higher-quality employment that offers appropriate income for Filipino workers and their families, the government will build on this momentum by stepping up policy interventions and funding innovative and technological solutions, according to NEDA Secretary Arsenio Balisacan.

The number of employed people increased across all industries, with the services sector accounting for 2.8 million more workers. The industry and agricultural sectors followed, with 682,000 and 461,000 more jobs, respectively.

In contrast, the underemployment rate increased from 14.2 percent in September 2021 to 15.4 percent as more than 882,000 people looked for new employment as a result of the rise in commodity costs brought on by inflation.

Our first goal continues to be ensuring food security. To help protect the purchasing power of Filipinos and lower the incidence of invisible underemployment among low-income households, the government is currently offering targeted cash transfers as well as fuel and crop subsidies, according to Balisacan.

Balisacan also emphasized the requirement for prompt help for people who were severely affected by the disasters, including the successful execution of emergency employment programs and other forms of aid.

“We need to step up our catastrophe resilience and climate adaption strategies,” he said, “since we are expecting La Nia and close to above-normal rainfall conditions in the next months.”

The fiscal year (FY) 2023 budget’s prompt passage and the expedited implementation of the FY 2022 budget, in particular the job-creating infrastructure projects, were both noted by NEDA as playing a significant role in accelerating recovery and lessening the impact of external uncertainties.

In light of the close proximity of the Philippine Development Plan 2023–2028 to completion, Balisacan continued, “We aim to strategize for a more efficient labor market by improving the quality of education, providing opportunities for life-long learning, skills development, and options to obtain micro-credentials, enhancing job facilitation programs, and strengthening links among industry, business, and training institutions.

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