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Manila Bulletin devider Philippines devider National devider PH employment profile is very bright --- Diokno

PH employment profile is very bright --- Diokno

Published Nov 28, 2023 08:34 am

The Philippines' employment situation is "very bright," a Cabinet official said.

DIOKNO.jpg
(Photo courtesy of PCO)

Finance Secretary Benjamin Diokno said Filipinos are in a better position to weather inflation citing the lower unemployment rate in the country, which he labeled as very bright.

“Iyong employment situation natin really is also very bright ‘no. Ang unemployment natin ngayon at the moment is 4.5 percent – mababa na iyon compared sa other years and in fact it’s lower than what is in the medium-term economic program ni Presidente (Our unemployment situation now is really very bright. Our unemployment at the moment is at 4.5 percent—lower compared to the other years and in fact, it's lower than what is in the medium-term economic program of the President),” Diokno said in a Palace briefing on Tuesday, Nov. 28.

Diokno also stressed that the quality of employment has improved.

He further said that the country’s underemployment rate used to be 26 percent, but now it is at 10.7 percent, stressing the improvement in the Philippine employment situation.

The employment situation in the country, he pointed out, has helped Filipinos to weather the inflation.

“Kung may trabaho ka, hindi mo na masyadong mapapansin iyong 2 to 4 percent na inflation kasi may trabaho ka naman, e (If you are employed, you would no longer notice the 2 to 4 percent inflation because you have a job) ” Diokno said.

Diokno also said that even the so-called labor force participation rate has increased tremendously to around 65 percent, which means that many Filipinos who want to join the labor force are able to find jobs.

Regarding calls for wage increase, the Finance chief said the concern of the industrialists and the workers has to be taken into account, stressing that unaffordable wage hike may lead to factories or businesses shutting down their operations to the detriment of the workers, he said.

The country’s headline inflation eased to 4.9 percent in October from 6.1 percent in September.

Diokno hopes that the inflation rate will continue to slow down in December.

Related Tags

Benjamin Diokno inflation rate President Marcos Employment rate
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