Labor market upbeat in April

The high proportion of working persons to the total labor force indicates an upbeat labor market, according to the National Economic and Development Authority (NEDA).

Results of the latest Labor Force Survey (LFS) of the Philippine Statistics Authority (PSA) showed that the number of employed Filipinos registered at 39.9 million, comprising 93.9 percent of the total labor force, in April 2016.

Partly attributed to election-related activities, the April 2016 employment rate is at the high-end range of previous April rounds of the LFS since 2011.

Of the employed, more than three-quarters are permanently employed and just over a fifth are shortterm or seasonal workers.

Other indicators of quality employment, such as wage and salaried employment (24.8 million or 62.1 percent of total employed), full-time employment, and mean hours of work have shown an increasing trend, supportive of an optimistic outlook on employment.

Meanwhile, unemployment rate is at 6.1 percent in April 2016, equivalent to 2.5 million unemployed persons. This is about 0.4 percentage points lower than the full-year target of 6.6 percent.

April’s unemployment rate, however, is higher compared with 5.8 percent in January.

Underemployed — categorized as people already with jobs but looking for additional employment or a better-paying one — totaled 7.35 million, or 18.4 percent.

PSA data showed estimated labor force participation at 63.6 percent of the total 66.81 million estimated labor force of the country.

“These employment numbers are a reflection of the country’s vibrant economy,” Socioeconomic Planning Secretary Emmanuel F. Esguerra said.

“If the labor market trends are maintained, the Philippine Development Plan target of 6.5-6.7 percent for unemployment rate in 2016 is likely to be achieved,” the cabinet official added.