The country's unemployment rate declined in July compared to the same period last year, but the number of jobless Filipinos increased during the month.
Data from the Philippine Statistics Authority (PSA) revealed that the unemployment rate was 4.7 percent in July, down from 4.9 percent in the same month last year. However, this marks an increase from June's rate of 3.1 percent.
The number of unemployed individuals aged 15 and above also rose to 2.38 million in July, from 1.62 million in June and 2.29 million in July 2023.
National Statistician and PSA Undersecretary Claire Dennis S. Mapa linked the July rise to higher unemployment among youth, highlighting that many recent college and senior high school graduates struggled to find employment.
Mapa noted that youth unemployment accounted for 43 percent of all jobless individuals in July.
During the month, the PSA estimated that 6.89 million young Filipinos joined the labor force, but 14.8 percent, or 1.02 million, were unemployed.
Additionally, the PSA chief pointed out that various sectors were impacted by weather disturbances, leading to decreased employment demand.
However, Mapa expressed optimism that employment opportunities would improve as the 'ber' months approach ahead of the Holiday season.
Despite the rise in the number of jobless Filipinos, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said that the government remains focused on attracting investments in sectors that generate high-quality jobs.
The NEDA chief stated that this initiative aligns with the country’s economic growth objectives, as recent data indicates a robust job market progressing toward these goals.
“While we welcome the continuing positive developments in our nation’s labor market, our work certainly does not end there. For its part, NEDA is committed to mobilizing a whole-of-government approach to secure job-generating investments nationwide.”
The said approach includes improving infrastructure to boost employment, and providing reskilling and upskilling programs to enhance job security.
NEDA is finalizing the Trabaho Para sa Bayan Master Plan to boost job opportunities and skills, while fast-tracking infrastructure development in key sectors to drive growth and business expansion.
Balisacan stressed that passing the Konektadong Pinoy Bill and expanding upskilling programs are key to advancing digital transformation and taking advantage of new innovations.
“The Marcos Administration is tirelessly working to attract high-quality investments to the country, enhancing the business climate and ensuring that all investment pledges are fulfilled. This, along with efforts to prepare the labor force for market absorption, gives us confidence that we will achieve our PDP targets,” he concluded. (Derco Rosal)