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Advocates Philippines
PH Records Lowest Unemployment Rate In Nearly Two Decades
Photo credit: DOLE
The Philippine Statistics Authority's latest Labor Force Survey (LFS) for November 2023 revealed a significant drop in unemployment, marking the lowest rate since the introduction of a new measurement methodology in 2005.
The report disclosed that 1.83 million Filipinos were unemployed, showcasing a notable reduction of 350,000 individuals compared to the same period in 2022, resulting in an unemployment rate of 3.6 percent.
The decline in the unemployment rate was accompanied by a dip in the labor force participation rate, falling from 67.5 percent in November 2022 to 65.9 percent in the current survey. This shift translated to an estimated 51.47 million Filipinos aged 15 years and older in the labor force, indicating a decrease from the 51.88 million reported in the previous year.
The drop in labor force participation was primarily attributed to diminished involvement from young people, with a decrease from 40.0 percent to 34.4 percent, and women, experiencing a decline from 57.8 percent to 55.4 percent. The factors influencing this reduction included family responsibilities, educational pursuits, and age-related considerations.
NEDA Secretary Arsenio M. Balisacan emphasized the imperative to expand the digital economy as a strategy to counter the declining labor force. He highlighted the potential of digitalization, particularly in Micro, Small, and Medium Enterprises (MSMEs) and startups, as a means to create alternative work arrangements for youth, women, and those in the creative sector.
Balisacan expressed optimism about attracting investments by liberalizing reforms, especially in digital infrastructure. Upgrading the country's infrastructure, he asserted, would lead to the generation of high-quality jobs. Furthermore, he underscored the government's commitment to regulatory reforms, citing the Apprenticeship Bill, Lifelong Learning Bill, and Enterprise Productivity Act as crucial components.
The NEDA chief also advocated for establishing a regulatory framework to permit alternative work arrangements, including part-time employment, even within the formal economy. According to Balisacan, such flexibility would expand opportunities for lifelong learning, work experience, and inclusion in social protection systems.
Simultaneously, the underemployment rate experienced a notable improvement, decreasing to 11.7 percent in the same survey period from 14.4 percent in November 2022. The number of underemployed persons expressing a desire for additional job opportunities and work hours totaled 5.79 million, down from the 7.16 million reported in the previous year.
The report disclosed that 1.83 million Filipinos were unemployed, showcasing a notable reduction of 350,000 individuals compared to the same period in 2022, resulting in an unemployment rate of 3.6 percent.
The decline in the unemployment rate was accompanied by a dip in the labor force participation rate, falling from 67.5 percent in November 2022 to 65.9 percent in the current survey. This shift translated to an estimated 51.47 million Filipinos aged 15 years and older in the labor force, indicating a decrease from the 51.88 million reported in the previous year.
The drop in labor force participation was primarily attributed to diminished involvement from young people, with a decrease from 40.0 percent to 34.4 percent, and women, experiencing a decline from 57.8 percent to 55.4 percent. The factors influencing this reduction included family responsibilities, educational pursuits, and age-related considerations.
NEDA Secretary Arsenio M. Balisacan emphasized the imperative to expand the digital economy as a strategy to counter the declining labor force. He highlighted the potential of digitalization, particularly in Micro, Small, and Medium Enterprises (MSMEs) and startups, as a means to create alternative work arrangements for youth, women, and those in the creative sector.
Balisacan expressed optimism about attracting investments by liberalizing reforms, especially in digital infrastructure. Upgrading the country's infrastructure, he asserted, would lead to the generation of high-quality jobs. Furthermore, he underscored the government's commitment to regulatory reforms, citing the Apprenticeship Bill, Lifelong Learning Bill, and Enterprise Productivity Act as crucial components.
The NEDA chief also advocated for establishing a regulatory framework to permit alternative work arrangements, including part-time employment, even within the formal economy. According to Balisacan, such flexibility would expand opportunities for lifelong learning, work experience, and inclusion in social protection systems.
Simultaneously, the underemployment rate experienced a notable improvement, decreasing to 11.7 percent in the same survey period from 14.4 percent in November 2022. The number of underemployed persons expressing a desire for additional job opportunities and work hours totaled 5.79 million, down from the 7.16 million reported in the previous year.
Jan 9, 2024
