The number of jobless Filipinos climbed in the first month of the year as holiday hiring trends in December started to wane.
The Philippine Statistics Authority (PSA) reported on Thursday, March 9, that there were an estimated 2.37 million jobless Filipinos last January, an increase of seven percent from 2.22 million in December 2022.
The latest jobless rate also rose from 2.24 million recorded in October last year, but lower compared with 2.95 million in January 2022.
The total jobless individuals in January translate to a 4.8 percent unemployment rate, higher than the previous month’s 4.3 percent. However, it is way better compared with 6.4 percent in the same month last year.
In a briefing, PSA Undersecretary Dennis S. Mapa explained that the uptick in unemployment rate in January was driven by the the absence of seasonal jobs or hiring for the holiday season.
Meanwhile, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said that the Philippine labor market continued to improve compared with its previous year’s conditions.
“The latest employment indicators show the robust recovery and growth of our labor market from its slump in January 2022, when the surge in Omicron cases prompted stringent mobility and capacity restrictions,” Balisacan said.
Based on the PSA data, the employment rate accelerated to 95.2 percent in January, which translates to an additional 4.1 million employed persons, on account of employment gains in the services and agriculture sectors.
This brings total employment to 47.4 million from 43.3 million in January 2022.
Correspondingly, the labor force participation rate rebounded to 64.5 percent, equivalent to 49.7 million Filipinos in the labor force, of which 20.6 million are women.
However, Balisacan noted that employment created year-on-year were mostly part-time and classified as vulnerable.
“It is imperative that labor market policies and programs that directly contribute to labor productivity and employment generation must be prioritized, not only to preserve jobs but also to generate quality jobs,” the NEDA chief added.
The country’s chief economist also emphasized the implementation of the strategies on human capital development outlined in the Philippine Development Plan 2023-2028.
“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,” Balisacan said.
“At the same time, we will ensure that employment opportunities are available and the information accessible,” he added.