Unemployment rate down to 4.5% in January
MANILA – The number of unemployed Filipinos went down to 2.15 million in January this year from the 2.38 million recorded in the same month last year, National Statistician Dennis Mapa said.
In a briefing on Friday, Mapa said the unemployment rate during the month was at 4.5 percent, down from the 4.8 percent reported in January last year.
The Labor Force Participation Rate (LFPR), meanwhile, was at 61.6 percent or about 48.09 million Filipinos aged 15 years and above who were either employed or unemployed.
This is lower than the reported LFPR in January 2023 at 64.5 percent.
Most of the contraction was recorded among women (-1.3 million), the youth cohort (-1.0 million), and junior high school graduates (-652,000).
In a separate statement, the National Economic and Development Authority (NEDA) said household duties, age-related restrictions, such as being too young or old or having a permanent disability, and schooling were the top reasons cited for not joining the labor force.
The NEDA said the return to onsite work has also limited women’s participation to 49.3 percent from 53.7 percent in January 2023, while the completely on-site schooling brought the youth LFPR down to 29.6 percent from 34.8 percent in the same period last year.
“We will remain responsive to the needs of vulnerable groups, including women, youth, older individuals, and those with disabilities. Our existing policy framework governing alternative work arrangements will be revisited,” NEDA Secretary Arsenio Balisacan said.
“Our pursuit of policies will be adaptive to the responsibilities of female workers and the evolving work landscape, with a focus on supporting the vulnerable, including those in the creative sector.”
As a percentage of the total 48.09 million people in the labor force, the employment rate was at 45.94 million in January 2024, compared to 47.35 million in January 2023.
The country's employment rate settled at 95.5 percent.
Major industries with the largest drop in employment were wholesale and retail trade (-1.51 million), agriculture and forestry (854,000), public administration and defense (226,000), and manufacturing (-151,000).
Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – numbered 6.39 million, down from last year's 6.65 million.
The NEDA said the government would continue to create a favorable business environment to attract both local and foreign investments in the country, aiming to generate more highquality employment opportunities.
"The government sustains its push to attract more job-generating investments by creating an enabling policy and regulatory environment. At the same time, linkages between industry, the academe, and the public sector will be strengthened to
address skill mismatches in the labor market,” Balisacan said.
He said he is looking forward to the implementation of more positive and transformative employment programs after the approval of the implementing rules and regulations or IRR of the “Trabaho Para sa Bayan” (TPB) Act on March 5, 2024.
The law aims to promote the employability, competitiveness, and productivity of workers, and to address issues, such as unemployment and underempl oyment .
Under the TPB Act, an Inter-Agency Council will be created, with NEDA as the chair, the depart
ments of labor and trade as co-chair, and the departments of finance, budget, and the interior and local government, as well as the Technical Education and Skills Development Authority as members.
It will also include representatives of employers’ organizations, labor organizations, marginalized or vulnerable groups, and informal sectors.
“The diverse perspectives from council members will expedite decision-making regarding improving working conditions across industries, promoting upskilling and reskilling, and creating high-paying employment opportunities for all,” Balisacan said. ( PNA)