NextGen Day

MANILA, Philippines — Continued vaccination against the coronavirus disease 2019 (Covid-19), as well as changes to various regulations, including the Foreign Investments Act (FIA), are expected to help the country’s job situation improve.

In an economic brief issued on Wednesday, the Department of Finance (DOF) indicated that administering Covid-19 vaccines “would enable the country to live with the virus,” as penned by top economist and former Undersecretary Gil Beltran.

“While usual, the country must remain vigilant and not let its guard down as the virus continues to mutate,” Beltran stated, “lest the previous incidents of the situation appearing to improve before things deteriorate dramatically repeat itself.”

The passage of modifications to the FIA, the Retail Trade Liberalization Act (RTLA), and the Public Service Act (PSA) “would assist bring in more employers” in the medium to long term, he stated.

He noted that signing the modifications to these three laws into law is “a welcome step toward a faster economic recovery and, eventually, improved job prospects.”

“More firms looking for competent workers could mean higher proposed wages.” “Even without raising the minimum wage, this market-based mechanism raises salaries,” he explained.

According to Beltran, who cited figures from the Philippine Statistics Authority (PSA), about 1.78 million new jobs were created in January, resulting in an employment rate of 93.63 percent and a 6.37 percent unemployment rate.

While there was a 732,000 job increase year over year to 45.9 million in January, he said it fell by more than 3.6 million from December 2021 “due to the seasonal agriculture hiatus and the imposition of tighter quarantine restrictions during the surge in Covid-19 infections at the beginning of the year.”

He added that this was offset by nearly 2.5 million new jobs in the manufacturing and service sectors.

“As the government maintains its BBB (Build, Build, Build) program,” Beltran said, the manufacturing sector added nearly 500,000 jobs and construction added 168,000.

“Employment increased in trade, transportation, and the hotels and restaurants sub-sector,” he noted.

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