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Decline in Unemployment Rate Signals Economic Recovery in the Philippines

Unemployment Rate

The Philippine Statistics Authority (PSA) revealed a significant drop in the unemployment rate for February, indicating positive strides towards economic recovery.

Decrease in Unemployment Figures

Unemployment Rate

According to the PSA report released on Thursday, the unemployment rate fell to 3.5 percent in February from 4.5 percent in January. This decline translated to a decrease in the number of jobless Filipinos from 2.15 million to 1.8 million within the same period.

National Statistician Claire Dennis Mapa attributed the decrease in unemployment to various factors, including the reopening of classes in colleges and universities. This development created opportunities in retail trade. Additionally, the start of the planting and harvesting season in agriculture bolstered employment prospects.

The data revealed notable increases in employment across various sectors. Wholesale and retail trade saw the largest month-on-month increase, absorbing 1.61 million new workers. Agriculture, accommodations and food service, and construction sectors also experienced significant boosts in employment.

However, the agriculture sector faced challenges, with crop damage from extreme heat leading to job losses in fishing and aquaculture.

Labor Force Participation Rate

Unemployment Rate

While the unemployment rate decreased, the Labor Force Participation Rate (LFPR) also saw a decline from February 2023. Despite this, LFPR was higher than the preceding month. The survey identified household family duties and schooling as primary reasons for the decrease in participation, particularly among young people and women.

Although unemployment decreased, underemployment remained a concern, albeit at a lower rate compared to January. This suggested an improvement in job quality. However, labor economist Leonardo Lanzona of Ateneo de Manila University emphasized the need for the government to enhance support for unemployed individuals, especially amid rapid technological advancements.

The decline in the unemployment rate, coupled with improvements in job quality, signals positive momentum towards economic recovery in the Philippines. As the country navigates through ongoing challenges, sustained efforts to support employment and enhance job quality will be crucial in ensuring a resilient and inclusive recovery for all Filipinos.

 

Read Also: World Bank Raises Economic Growth Projection for Philippine GDP in 2025

Report

Written by Marjo Piedad

Traveler | Foodie | CONTENT EDITOR
📍Cebu, Philippines
 
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