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Advocates Philippines
PH Robust Employment Shields Citizens Against Soaring Prices
Photo credit: RTVM
In a press statement on Tuesday, Finance Secretary Benjamin Diokno highlighted the country's resilient employment landscape, stating that the favorable job market positions Filipinos to weather the impact of rising basic commodity prices.
Diokno, addressing public expectations regarding the administration's inflation target of two to four percent, emphasized the bright employment scenario.
With an unemployment rate currently at 4.5 percent, lower than previous years and the President's medium-term economic program projections, Diokno noted a significant enhancement in the quality of employment.
He pointed out a remarkable decline in the underemployment rate, which has dropped from 26 percent to an impressive 10.4 percent. Diokno underscored that improved employment conditions play a pivotal role in helping citizens navigate inflation concerns. "If you have a job, you won't be overly affected by the 2 to 4 percent inflation. Because you have a job," he stated.
Addressing the issue of wage increases, Diokno acknowledged the delicate balance required, considering both industrialists and workers' perspectives. He cautioned against unaffordable wage hikes, noting potential consequences such as businesses shutting down, adversely affecting workers.
Providing an economic update, Diokno mentioned a positive trend in headline inflation, which decreased to 4.9 percent in October from 6.1 percent in September. This figure, lower than the Bangko Sentral ng Pilipinas forecast, gives hope for a continued slowdown, with Diokno expressing optimism for a further decline in inflation rates by December.
Diokno, addressing public expectations regarding the administration's inflation target of two to four percent, emphasized the bright employment scenario.
With an unemployment rate currently at 4.5 percent, lower than previous years and the President's medium-term economic program projections, Diokno noted a significant enhancement in the quality of employment.
He pointed out a remarkable decline in the underemployment rate, which has dropped from 26 percent to an impressive 10.4 percent. Diokno underscored that improved employment conditions play a pivotal role in helping citizens navigate inflation concerns. "If you have a job, you won't be overly affected by the 2 to 4 percent inflation. Because you have a job," he stated.
Addressing the issue of wage increases, Diokno acknowledged the delicate balance required, considering both industrialists and workers' perspectives. He cautioned against unaffordable wage hikes, noting potential consequences such as businesses shutting down, adversely affecting workers.
Providing an economic update, Diokno mentioned a positive trend in headline inflation, which decreased to 4.9 percent in October from 6.1 percent in September. This figure, lower than the Bangko Sentral ng Pilipinas forecast, gives hope for a continued slowdown, with Diokno expressing optimism for a further decline in inflation rates by December.
Nov 28, 2023
