NATIONAL
Advocates Philippines
48.8 Million Employed - NEDA and PSA
Photo credit: DOLE
The Philippine labor market continues to show solid performance in February 2023, with employment increasing and unemployment decreasing, according to the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority reported that employment in February 2023 reached 48.8 million, which is 3.32 million higher compared to February of the previous year, when 45.48 million persons were employed. The unemployment rate also decreased from 6.4 percent in February 2022 to 4.8 percent in February 2023.
NEDA Secretary Arsenio M. Balisacan said that the recent data indicates a steady recovery of the Philippine labor market, with the lifting of various restrictions resulting in increased job prospects for Filipino workers. He also noted that the unemployment rate among the youth, defined as individuals aged 15 to 24, significantly decreased from 14.2 percent in February 2022 to 9.1 percent in February 2023.
The labor force participation rate also rose to 66.6 percent in February 2023, up from 63.8 percent during the same period in the previous year. This translates to an increase of 2.7 million Filipinos joining the labor force on a year-on-year basis, with 1.9 million of them being female. The prime working age group of 25 to 54 years old and individuals who completed junior high school showed significant increases in employment.
Despite the overall improved performance of the labor market, challenges in improving the quality of employment across sectors remain. Balisacan emphasized the need for the government to persist in creating high-quality jobs on the demand side and ensuring the upskilling and retooling of workers on the supply side.
Balisacan highlighted that attracting more investments, especially in infrastructure, and improving the regulatory environment are crucial to creating high-quality job opportunities. He also mentioned that the participation of the Philippines in the Regional Comprehensive Economic Partnership and the amendments to the Public Service Act pave the way for more high-paying job opportunities for Filipinos.
NEDA has recently published the Implementing Rules and Regulations of the amended Public Service Act, and Balisacan urged regulatory agencies to revise their processes accordingly. He also stated that the government will increase efforts to raise awareness among the workforce about opportunities for skill enhancement, such as the programs provided by the Technical Education and Skills Development Authority (TESDA) and the Department of Information and Communications Technology (DICT).
Balisacan also emphasized the need to improve the dissemination of information and awareness campaigns to encourage workers to utilize existing resources for upskilling and retooling.
The February 2023 Labor Force Survey highlights include a steady employment rate of 95.2 percent, with 48.80 million employed persons, an unemployment rate of 4.8 percent, and a labor force participation rate of 66.6 percent. The underemployment rate also decreased to 12.9 percent, and the average weekly hours worked by employed persons was estimated at 39.5 hours per week. The services sector continued to dominate the labor market in terms of employment.
The Philippine Statistics Authority reported that employment in February 2023 reached 48.8 million, which is 3.32 million higher compared to February of the previous year, when 45.48 million persons were employed. The unemployment rate also decreased from 6.4 percent in February 2022 to 4.8 percent in February 2023.
NEDA Secretary Arsenio M. Balisacan said that the recent data indicates a steady recovery of the Philippine labor market, with the lifting of various restrictions resulting in increased job prospects for Filipino workers. He also noted that the unemployment rate among the youth, defined as individuals aged 15 to 24, significantly decreased from 14.2 percent in February 2022 to 9.1 percent in February 2023.
The labor force participation rate also rose to 66.6 percent in February 2023, up from 63.8 percent during the same period in the previous year. This translates to an increase of 2.7 million Filipinos joining the labor force on a year-on-year basis, with 1.9 million of them being female. The prime working age group of 25 to 54 years old and individuals who completed junior high school showed significant increases in employment.
Despite the overall improved performance of the labor market, challenges in improving the quality of employment across sectors remain. Balisacan emphasized the need for the government to persist in creating high-quality jobs on the demand side and ensuring the upskilling and retooling of workers on the supply side.
Balisacan highlighted that attracting more investments, especially in infrastructure, and improving the regulatory environment are crucial to creating high-quality job opportunities. He also mentioned that the participation of the Philippines in the Regional Comprehensive Economic Partnership and the amendments to the Public Service Act pave the way for more high-paying job opportunities for Filipinos.
NEDA has recently published the Implementing Rules and Regulations of the amended Public Service Act, and Balisacan urged regulatory agencies to revise their processes accordingly. He also stated that the government will increase efforts to raise awareness among the workforce about opportunities for skill enhancement, such as the programs provided by the Technical Education and Skills Development Authority (TESDA) and the Department of Information and Communications Technology (DICT).
Balisacan also emphasized the need to improve the dissemination of information and awareness campaigns to encourage workers to utilize existing resources for upskilling and retooling.
The February 2023 Labor Force Survey highlights include a steady employment rate of 95.2 percent, with 48.80 million employed persons, an unemployment rate of 4.8 percent, and a labor force participation rate of 66.6 percent. The underemployment rate also decreased to 12.9 percent, and the average weekly hours worked by employed persons was estimated at 39.5 hours per week. The services sector continued to dominate the labor market in terms of employment.
Apr 11, 2023
