NextGen Day

MANILA – In a heartening development, data from the Philippine Statistics Authority (PSA) has revealed a marked decrease in the number of unemployed Filipinos, dropping from 2.99 million in June of the previous year to 2.33 million in June of the current year.

The recently released preliminary results of the June 2023 Labor Force Survey, unveiled on Wednesday, unveiled a 4.5 percent unemployment rate for the month. This figure represents a notable improvement from the 6 percent estimate recorded in June of the preceding year.

Although slightly higher than May’s 4.3 percent unemployment rate, which was attributed to an increased labor force participation, the June data showcases a positive trend in the employment landscape.

National Statistician Dennis Mapa, during a briefing, noted that the Labor Force Participation Rate (LFPR) for June 2023 stood at an estimated 66.1 percent, encompassing approximately 51.17 million Filipinos aged 15 years and above who were either employed or actively seeking employment. This figure reflects an uptick from May’s 50.43 million and June 2022’s 49.58 million.

In parallel, the employment rate for June was estimated at 95.5 percent, surpassing the reported 94 percent rate for the same month the previous year. The figure, while slightly below May’s 95.7 percent, indicates steady employment growth.

June 2023 witnessed the employment of 48.84 million individuals, signifying an increase from June 2022’s 46.59 million and May 2023’s 48.26 million.

Mapa highlighted the five major industries experiencing substantial employment growth: accommodation and food service activities, agriculture and forestry, wholesale and retail trade, other services, and public administration and defense.

The number of underemployed individuals – those seeking additional work hours, jobs, or longer work hours – was 5.87 million, resulting in an underemployment rate of 12 percent. This showcases a decline from June 2022’s 12.6 percent but a rise from May 2023’s 11.7 percent.

The National Economic and Development Authority (NEDA) assured that the government remains committed to labor upskilling to enhance employability and capitalize on the country’s demographic dividend.

NEDA Secretary Arsenio Balisacan emphasized the significance of modernizing training and vocational education facilities, enhancing educational qualifications, and developing competencies and skills, particularly in response to the emergence of disruptive technologies.

“The modernization of training and vocational education facilities, as well as the enhancement of educational qualifications, competencies, and skills, are necessary to respond to new demands for competencies and skills. These demands result from economic and technological transformations brought by emerging technologies in the market, such as artificial intelligence,” Balisacan stated.

The concerted efforts to empower the Filipino workforce through targeted education and training are vital in ensuring a robust and competitive job market for the country. 📊👷‍♂️👩‍💼

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