Philippines’ unemployment rate rises slightly to 4.8% in Jan

Manila, March 9 (SocialNews.XYZ) The unemployment rate in the Philippines rose to 4.8 per cent in January 2023 from 4.3 per cent in December 2022, official data revealed on Thursday.

The data from Philippine Statistics Authority (PSA) showed 2.37 million Filipinos were out of work in January, higher than the 2.22 million in December 2022, reports Xinhua news agency.

"The main factor that contributed to the high unemployment numbers in January was construction, with about 557,000," PSA head Dennis Mapa told a news conference, adding that the estimated unemployment rate in January was lower than the 6.4 per cent a year earlier.

He said the Philippines recorded the highest unemployment rate in April 2020 at 17.6 per cent at the height of the Covid-19 pandemic when the government imposed lockdowns, and the jobless rate started to drop from July 2020 until November 2022 when it stood at 4.2 per cent.

According to the National Economic and Development Authority (NEDA), the labour force participation rate rebounded to 64.5 per cent in January, equivalent to 49.72 million Filipinos in the labour force.

The latest employment indicators show the robust recovery and growth of Philippines' labour market, NEDA Secretary Arsenio Balisacan said.

"However, we note that employment created year-on-year was mostly part-time and classified as vulnerable. It is imperative that labour market policies and programs that directly contribute to labour productivity and employment generation must be prioritized, not only to preserve jobs but also to generate quality jobs," he added.

Source: IANS