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Philippines: Jobless rate rises to 4.8% in January
MANILA, Philippines — The country’s unemployment rate went up in January from the previous month, following the end of the Christmas holidays when seasonal jobs were being created, according to the Philippine Statistics Authority (PSA).
Preliminary results of the Labor Force Survey released yesterday showed the country’s jobless rate was at 4.8 percent in January this year, up from 4.3 percent in December last year.
The unemployment rate in January this year is the highest level posted since the five percent in September 2022.
The latest unemployment rate is equivalent to 2.37 million unemployed Filipinos in January this year, higher than the 2.22 million in December last year.
National Statistician Dennis Mapa said in a briefing yesterday the increase in the unemployment rate last January from December last year was expected, citing the seasonal uptick in jobs as economic activities pick up during the last quarter of the year for the holiday season.
“We had an expectation that unemployment numbers would go up by the first quarter 2023 because the holiday season is over,” he said.
The country’s January unemployment rate, however, improved compared to the 6.4 percent in the same month last year.
Mapa said the country’s unemployment rate is expected to stay within the four to five percent range.
“The indicators seem to be showing that the unemployment rate will go back to the pre-pandemic level starting this year 2023. This started in the second half of 2022 and will continue to reach that pre-pandemic level of between four and five percent,” he said.
PSA data showed the underemployment rate or those looking for additional hours of work or jobs was at 14.1 percent in January this year, up from the 12.6 percent in December last year, but lower than the 14.9 percent in January last year.
The country’s employment rate was at 95.2 percent in January this year, down from the 95.7 percent in December last year, but up from the 93.6 percent in January 2022.
The country’s labor force participation rate in January this year was at 64.5 percent, lower than the 66.4 percent in December 2022, but higher than the 60.5 percent in January 2022.
As the jobs created year-on-year are mostly part-time, National Economic and Development Authority Secretary Arsenio Balisacan said it is necessary to prioritize labor market policies and programs that directly contribute to labor productivity and employment generation.
He said it is important not just to preserve jobs, but also to create quality jobs.
“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,” he said.
“At the same time, we will ensure that employment opportunities are available and the information accessible,” he added.
Source: https://www.philstar.com/business/2023/03/10/2250494/jobless-rate-rises-48-january-