By Prince Golez
The Philippine labor market continues to improve as more Filipinos pursue high-quality jobs with the economy now re-opened, the National Economic and Development Authority (NEDA) said.
The NEDA issued the statement after the Philippine Statistics Authority reported that the country’s unemployment rate declined to 4.3 percent in December 2022, from 6.6 percent during the same period the previous year.
“The government remains committed to providing more, better and green job opportunities to Filipinos and sustaining a vibrant labor market through the strategies articulated in the Philippine Development Plan 2023-2028,” according to NEDA Secretary Arsenio Balisacan.
Wholesale and retail trade, other service activities, and accommodation and food service activities were the top contributors to employment in December 2022, boosted by the full resumption of commercial activities, pent-up demand, and holiday spending.
However, these were offset by agricultural losses due to weather disruptions and the spread of infectious diseases among livestock and poultry.
“We are steadfast in pursuing this year’s growth target amidst global and domestic risks to ensure that jobs are preserved and new employment is generated. Generating more and high-quality jobs in the agriculture sector and ensuring food security for Filipinos remain part of our top priorities,” added Balisacan.
Meanwhile, underemployment fell to 12.6 percent in December 2022, down from 14.7 percent in the same period in 2021, resulting in 614,000 fewer unemployed people.
In the final month of 2022, both visible and invisible underemployment rates dropped to 8.1 percent from 9.8 percent and 4.5 percent from 4.9 percent, respectively.
“As emphasized in the Philippine Development Plan 2023-2028, increasing the income-earning ability of Filipinos entails developing their employability in the market. Alongside providing high-quality jobs, we must ensure that their skills are not just aligned with current in-demand requirements but can also continuously keep up with the demands of evolving and emerging jobs,” the NEDA chief said.
“Crucial to achieving social and economic transformation is the ‘transformation of talent’ that would create an agile labor force and sustain labor market gains. We will leverage our momentum to ensure the rapid and dynamic growth of our economy,” he concluded.
META: The country’s labor market continues to improve as more Filipinos pursue high-quality jobs, according to the National Economic and Development Authority.