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According to the Philippine Statistics Authority (PSA), the country’s jobless rate declined to 7.4 percent in October from 8.9 percent in September as limitations were removed in most locations across the country.

The unemployment rate in October was the third-lowest of the year, trailing only July’s 6.9% and March’s 7.1 percent.

The unemployment figures indicated that the country is on course for a “strong and early recovery,” according to Socioeconomic Planning Secretary Karl Kendrick Chua, Finance Secretary Carlos Dominguez III, and Budget and Management officer-in-charge Tina Rose Marie Canda in a joint statement.

“The government’s push to securely reopen the economy, restore jobs, and manage the spread of Covid-19 was affirmed by the results of the October 2021 labor force survey” (coronavirus disease 2019). “As we loosened the limits to Alert Level 2, more people were able to work, while Covid-19 positivity, case fatality, and bed occupancy rates improved,” the economic managers noted.

According to them, 234,000 jobs were added to the labor market in October, increasing overall employment to 1.3 million more than it was before the outbreak.

“Better employment results in October were driven by government initiatives that securely reopened the economy, such as transitioning to the alert level system and granular lockdowns from large-area and blanket quarantines, and permitting more mobility for vaccinated individuals,” they added.

Underemployment, on the other hand, surged to 16.1 percent in October from 14.2 percent in September, as more Filipinos desire more work hours in their current occupations, a second job, or a new job with a longer work time.

The labor force participation rate fell marginally from 63.3 percent to 62.6 percent over the same time period.

The administration will push for its 10-point program to change from a pandemic to an endemic paradigm, according to the economic managers.

Metrics, immunization, healthcare capacity, economics and mobility, schooling, domestic and international travel, digital transformation, pandemic flexibility bill, and medium-term pandemic resilience planning are all on the 10-point agenda.

Further reopening of the economy is part of the government’s aim to bring back more jobs, with the goal of lowering the alert level system to the lowest level by the start of 2022.

“We will strengthen our recovery by reopening the economy to alert level 1 in January 2022, backed by a stronger healthcare system.” Simultaneously, to avoid long-term productivity losses and increase employment, we will resume face-to-face schooling in January 2022, increase public transport capacity for all modes of transportation to 100%, and relax domestic and international travel restrictions,” the economic managers said.

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