QUEZON CITY (PIA) -- The country's employment rate has continued to climb, reaching 95.3 percent or 48.58 million individuals employed in March 2023, the Philippine Statistics Authority (PSA) reported. This marks an increase from the 94.2 percent rate recorded during the same period last year.
“In terms of magnitude, the number of employed persons in March 2023 was estimated at 48.58 million, posting an increase of 1.61 million from the 46.98 million employed persons in March 2022,” the PSA said.
According to PSA, the year-on-year increase in employment was driven by services and industry sectors. The data showed that the sub-sectors within the transportation and storage industry saw an increase of 533,000 jobs, while the accommodation and food service activities sub-sector added 447,000 new jobs.
Wholesale and retail trade, along with the repair of motor vehicles and motorcycles, showed a combined increase of 407,000 jobs. The construction industry added 384,000 jobs, while other service activities contributed 344,000 new jobs to the overall employment figures.
Wage and salary workers also continued to contribute the largest share of employed persons in the country, comprising 61.6 percent of the total employed population aged 15 years and over.
The PSA’s March 2023 Labor Force Survey also showed a slight decrease in the country's unemployment rate at 4.7 percent in March from 4.8 percent in February. This equates to 2.42 million unemployed Filipino workers out of the total 51 million in the labor force. The number was lower than the 2.47 million unemployed individuals from the previous month.
The country’s labor force participation rate also decreased slightly to 66.0 percent in March, from 66.6 percent in February. Despite this, the rate was still higher than the 65.4 percent recorded in the same month last year.
The latest data also revealed a decline in the number of individuals who are considered underemployed. Out of the 48.58 million employed individuals, only 5.44 million fall under the underemployed category.
“Underemployment rate in March 2023 went down to 11.2 percent, from 15.8 percent in the same month last year and 12.9 percent in February 2023. This was the lowest unemployment rate reported since April 2005,” PSA said.
Youth unemployment rate in March 2023 meanwhile, decreased from 11.3 percent to 10.2 percent compared to the same month in the previous year. However, there were still 612,000 underemployed youth out of the total 6.40 million employed youth in March 2023.
As support, the Department of Budget and Management (DBM) allocated a budget of PHP 1.4 billion to the Department of Labor and Employment (DOLE) to provide programs aimed at generating job opportunities for Filipino youth.
These programs include the Government Internship Program which offers internship opportunities for high school, technical-vocational, and college graduates who aspire to work in the government sector with a budget of P708 million.
Another is the Employment Facilitation Program with a budget of P769 million, which aims to support beneficiaries as they enter the workforce. Out of this amount, P569 million is allocated for the Special Program for Employment of Students which offers temporary employment opportunities to deserving students, out-of-school youth, and dependents of displaced or would-be displaced workers.
The labor department also provides Job Search Assistance with a budget of P108 million to aid job seekers in securing stable employment opportunities. (EEDC/PIA-CPSD)
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(File photo)
