NextGen Day

MANILA, Philippines — While the unemployment rate fell, the National Economic and Development Authority (NEDA) reported that fewer Filipinos were able to find jobs as a result of the Omicron spike in January 2022.

According to the Philippine Statistics Authority, the jobless rate fell from 6.6 percent in December 2021 to 6.4 percent in January 2022, the lowest level since the outbreak began.

However, the labor force participation rate declined from 65.1 percent to 60.5 percent in January due to the Omicron surge.

Another factor contributing to decreasing employment is the conclusion of the holiday season, which results in the loss of seasonal jobs. Despite this, net employment is still 0.5 million higher than it was before the outbreak.

Underemployment also increased slightly, from 14.7 percent to 14.9 percent.

“Our employment levels dropped temporarily as a result of the Omicron surge. “We look forward to an improvement in employment outcomes in the coming months now that we have contained the spread of the virus and changed to alert level 1 in most regions of the country,” Socioeconomic Planning Secretary Karl Kendrick Chua said in a statement.

70% of the economy has already been placed on alert level 1 from March 15, 2022. This means that further travel restrictions have been lifted, and establishment capacity limits have been relaxed. In comparison to alert level 2, this amounts to an additional PHP10.8 billion in weekly economic activity for the country and 195,000 fewer unemployed during the following quarter.

Chua also emphasized the importance of reopening all schools in alert level 1 for face-to-face learning, as this will help the economy, allow children to learn more, and allow more parents to return to work.

“To maximize the benefits of alert level 1, we stress the necessity for complete and immediate resumption of face-to-face classes.” Due to the reintroduction of relevant services around schools, this might enhance economic activity by roughly PHP12 billion every week. It would also free up time for parents, who are forced to skip or cut work hours to help their children with online education at home, according to him.

The government would distribute PHP6.1 billion in targeted subsidies to protect the most vulnerable from the impact of inflationary pressures caused by the ongoing Russia-Ukraine conflict. Workers in the transportation, agricultural, and fisheries sectors are among the key beneficiaries.

At the same time, the government intends to distribute unconditional cash transfers of PHP2,400 to the lower half of the population in order to cushion the impact of rising food prices.

The NEDA has also suggested a four-day workweek with ten hours per day as a way to save energy and money on commuting.

During the Gulf War in the 1990s, and again in 2008, when oil prices were high, the same technique was used.

“As we continue to endure these temporary challenges, the government is committed to assisting our workers by implementing these measures that would benefit all affected sectors,” Chua added.

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