Atin Ito First Filipino Community Newspaper in Ontario
At a Glance
- The unemployment rate in August witnessed a decline, reaching 4.4%, which translates to approximately 2.21 million jobless Filipinos.
- This figure marks a decrease from the previous month’s rate of 4.8% and a significant improvement compared to the rate of 5.3% recorded in the same period last year.
- Furthermore, the underemployment rate in August showed a positive trend, standing at 11.7%, indicating that around 5.63 million individuals were actively seeking additional work hours or alternative employment options.
- Importantly, this underemployment rate reflects a notable reduction from the 15.9% recorded in July and the 14.7% reported in August of the preceding year.
- In terms of the composition of the workforce, the population of self-employed workers witnessed an increase in August, reaching 1.89 million individuals.
- Additionally, there were approximately 1.85 million unpaid family workers, contributing to the labor force, and around 87,000 individuals engaged in wage-based employment.
- The services sector continued to be the dominant provider of employment opportunities, accounting for 57.3% of the employed population.
The country’s unemployment rate plunged to 4.4 percent, equivalent to 2.21 million jobless Filipinos in August, the Philippine Statistics Authority (PSA) reported.
The latest number is lower than the 4.8 percent or 2.27 jobless individuals recorded in July and the 5.3 percent or 2.68 million unemployed a year earlier.
The underemployment rate also climbed down to 11.7 percent or 5.63 million individuals who already have a job but are still looking for more work hours or other employment. But this is lower than the 15.9 percent in July and 14.7 percent in August.
Meanwhile, the employment rate increased to 95.6 percent or 48.07 million employed individuals compared to 95.2 percent or 47.87 million employed individuals in August.
It is also higher than the 94.7 percent or 47.87 employed individuals recorded a year ago.
National Statistician Claire Dennis S. Mapa noted that the population of self-employed workers saw an increase in August at 1.89 million, unpaid family workers at 1.85 million, and salary and wages workers at 87,000.
Among the industries, the services sector remained at the top in providing jobs for Filipinos accounting for 57.3 percent of employed individuals followed by agriculture and industry sectors at 24.5 percent and 18.2 percent, respectively.
Mapa also emphasized that the population of self-employed workers usually comes from the agriculture and industry sector which accounted for around 912,000 workers, while the wholesale and retail trade accounted for over 685,000.
“It increased because we observed an increase in economic activities in August, particularly in activities related to planting and in the retail trade sector, which was related to the opening of schools,” he added.
In the 12-month period leading up to August, industries such as fishing and aquaculture, construction, agriculture and forestry, human health and social work activities, and administrative and support service activities experienced job growth.
However, wholesale and retail trade, wholesale and retail trade, public administration and defense, financial and insurance activities, information and communication, and mining and quarrying saw the most job losses.
National Economic and Development Authority Secretary Arsenio M. Balisacan said that the Marcos administration will continue its efforts to boost economic growth and quality job creation amid economic headwinds.
“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors with the resources needed to bring in high-quality and high-paying jobs,” he said in a statement. — Xander Dave Ceballos
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Credit belongs to: www.mb.com.ph
