NextGen Day

MANILA, Philippines — The domestic economy’s recovery is projected to be aided by the continuing reopening of the economy, as well as the enactment and alteration of laws promoting enterprises and employment.

The Department of Finance (DOF) noted the creation of about 797,000 employment in December 2021 as a result of the relaxing of mobility restrictions against the coronavirus disease 2019 (Covid-19) as the number of infections declines in an economic bulletin released on Wednesday.

According to the bulletin, the agriculture and industry sectors accounted for the majority of the extra jobs in the last month of last year, using preliminary data from the Philippine Statistics Authority (PSA).

The agriculture sector added 673,000 jobs, while the industries sector added 326,000.

These figures offset the 202,000 employment losses in the services sector, according to the report.

Manufacturing added 325,000 jobs, followed by hotels and restaurants, which added 1,542 jobs, and transportation, which added 146,000 jobs.

According to the report, the hotels and restaurants sub-sector, among others, was able to post “its greatest pandemic-era figure” of new jobs in December because of the loosening of mobility restrictions.

According to the report, the labor force participation rate jumped to 65.09 percent in December, the highest since the pandemic began.

While more people got work in December, the report noted the number of unemployed persons climbed by 113,000 “as quarantine restrictions were removed, encouraging more job seekers.”

“As a result, the employment rate fell slightly from 93.50 percent in November to 93.40 percent in December, while the unemployment rate increased from 6.50 percent to 6.60 percent,” it stated.

Continuing to inoculate the public against Covid-19, according to the economic bulletin, “will help the country survive with the virus.”

“As the virus continues to change, the government must remain vigilant and not let down its defenses,” it warned.

It claimed the signing into law of the Corporate Recovery and Tax Incentives for Enterprises Act, which economic managers called the government’s largest stimulus measure to address the impact of the epidemic, is a “huge boost” in the medium to long term.

Amendments to the Foreign Investments Act, the Public Service Act, and the Retail Trade Liberalization Act are among the other measures expected to boost investment and job creation in the country (RTLA).

“The recent signing into law of the RTLA modifications is a good development toward a faster economic recovery and, eventually, improved job possibilities,” it stated.

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