As the local economy continued to rebound, more people found work in the Ilocos Region…
Return of F2F classes helps the employment rate in part.
The country’s unemployment rate has decreased to its lowest level since the pandemic hit, which has been linked to the economy’s ongoing recovery and the return of in-person instruction.
According to data provided by the Philippine Statistics Authority (PSA), the unemployment rate decreased to 5.2 percent in July 2022 from 7.2 percent during the same period in the previous year. This represents the “lowest unemployment rate for all July rounds of the Labor Force Survey since 2005,” according to Socioeconomic Planning Secretary Arsenio Balisacan.
Underemployment decreased over this time from 21% in July 2021 to 13.8%, a decrease of roughly 2.2 million Filipinos.
“As we approach closer to the full reopening of the economy, we anticipate that there will be more employment and income prospects available for Filipinos in the upcoming months. The impact of global inflationary pressures on Filipinos’ purchasing power will be lessened as a result of these opportunities, said Balisacan, who also serves as the director of the National Economic and Development Authority (NEDA), in a statement on Thursday.
According to the PSA, more than 5.1 million more people found work, increasing labor force participation in the most recent Labor Force survey to 65.2%.
The number of employed Filipinos climbed to 47.4 million, yielding a 94.8 percent employment rate, the highest since the pandemic’s start, according to the NEDA.
Increased employment in the services sector, especially in the wholesale and retail trade and the agriculture and industrial sectors, contributed to this.
“Continuous school reopening is an important step for all economic participants. According to the most recent data, as more young people choose to enroll in face-to-face programs, women were also released from more domestic duties, giving them greater opportunities to be economically active, Balisacan stated.
Therefore, he urged further vaccination program reinforcement through booster shot administration “to keep low alert levels and stimulate domestic economic activity.”
In order to speed up the economy’s recovery and address external concerns, Balisacan also emphasized the necessity of passing the proposed budget for the following year as well as this year’s national budget.
All Filipinos will profit from the opportunities provided by our fast-improving economy, in keeping with NEDA’s motto, “Sentro ang tao sa ating plano” (people are the center of our plan). In order to achieve economic change and the improvement of everyone’s lives, we are advocating for the complete execution of the socioeconomic agenda’s eight points.
We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.