PSA: Employment rate up in May

MANILA: The number of jobless Filipinos went down to 2.11 million in May this year from 2.17 million in May 2023, the Philippine Statistics Authority (PSA) said on Monday. Data released by the PSA showed that the unemployment rate in May was at 4.1 percent, down from 4.3 percent in the same month last year. The Labor Force Participation Rate (LFPR) was at 64.8 percent, or about 50.97 million Filipinos aged 15 years and over who were in the labor force. The country's employment rate went up to 95.9 percent from May 2023's 95.7 percent. In magnitude, the number of employed Filipinos increased to 48.87 million from 48.26 million in May last year. In a separate statement, the National Economic and Development Authority (NEDA) attributed the increase in employment to the expansion in the industry (+1.2 million jobs) and services (+982,000) sectors. The construction and manufacturing subsectors also grew significantly, adding 745,000 and 347,000 jobs, respectively, due to the implementation of several flagshi p programs and projects under the Marcos administration. 'The government's massive infrastructure drive and the implementation of the Pambansang Pabahay Para sa Pilipino program have led to a rise in demand for construction workers and materials, resulting in a significant increase in job opportunities in these sectors,' said NEDA Secretary Arsenio Balisacan. The agriculture sector however lost 1.6 million jobs due to the impact of El Niño and Typhoon Aghon, while geopolitical tensions in the West Philippine Sea negatively affected fishing activities in the area. Balisacan cited the importance of disaster preparedness and support for workers affected by disasters and weather disturbances, particularly in agriculture. This includes improving meteorological monitoring and forecasting capabilities and providing livelihood support programs during disasters. The underemployment rate, meanwhile, fell to 9.9 percent in May, the lowest level recorded since 2005. The PSA data showed an increase in middle-skilled employment by 2.0 million, wage and salaried employment by 1.5 million (including 1.3 million in private establishments), and full-time jobs by 2.8 million. 'We must persist in our efforts to boost investments and implement key technological and innovative reforms to enhance productivity and create more high-quality employment opportunities,' said Balisacan. Balisacan added that digital technologies could help enhance public sector employment facilitation services and training programs and improve skills forecasting in policy planning and programming. He said the launch of the National Artificial Intelligence (AI) Strategy Roadmap 2.0 is expected to fast-track AI development in the country, expand upskilling programs to equip the workforce, and increase the uptake of AI-enabled processes and solutions by the business sector. NEDA is also currently crafting the Trabaho Para sa Bayan (TPB) plan to sustain the country's robust labor market trend. The TPB plan, which is expected to be finalized by the end of the year, will serve as the country's blueprint for comprehensive employment generation and recovery. It will outline robust employment policies with strong implementation measures and concrete targets 'Since June, we have been conducting public consultations for the TPB Plan across all regions in the country. We want to involve both employers and workers in understanding how various changes in the economy, society, and the environment have been affecting the world of work and how the different labor market actors have been adjusting to the changes," said Balisacan. "The key is to identify effective and efficient solutions to their challenges and may continue to encounter,' he added. Source: Philippines News Agency