Neda’s Arsenio Balisacan FILE PHOTO
MANILA, Philippines — As the country’s labor market conditions continue to improve, the government remains steadfast in strengthening its policy interventions geared toward generating more productive and higher-quality employment, said the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority reported today that the unemployment rate fell to 4.8 percent in January 2023 from 6.4 percent during the same period last year.
The employment rate accelerated to 95.2 percent, translating to an additional 4.1 million employed persons, on account of employment gains in the services and agriculture sectors in January 2023. This brings total employment to 47.4 million from 43.3 million in January 2022.
Correspondingly, the labor force participation rate rebounded to 64.5 percent, equivalent to 49.7 million Filipinos in the labor force, of which 20.6 million are women.
“The latest employment indicators show the robust recovery and growth of our labor market from its slump in January 2022, when the surge in Omicron cases prompted stringent mobility and capacity restrictions,” Neda Secretary Arsenio Balisacan said in a statement.
“However, we note that employment created year-on-year was mostly part-time and classified as vulnerable. Thus, it is imperative that labor market policies and programs that directly contribute to labor productivity and employment generation must be prioritized, not only to preserve jobs but also to generate quality jobs,” he added.
The country’s chief economist likewise stressed the importance of implementing human capital development strategies outlined in the Philippine Development Plan 2023-2028.
“High-quality jobs necessitate highly-skilled individuals. We will prioritize the upskilling and reskilling of the workforce to equip them with higher competencies by expanding lifelong learning opportunities,” said Balisacan.
Lastly, Neda promised to ensure that employment opportunities would be made available and information would be accessible.
The labor force participation rate also rebounded to 64.5 percent, which iaccounts for 49.7 million Filipinos in the labor force, 20.6 million of whom are women.– Meralyn Melitante, Inquirer.net trainee
RELATED STORIES:
Neda creates PAP4SCP to promote sustainable practices
Philippine gov’t forms inter-agency body on inflation, market outlook