UNEMPLOYED FILIPINOS LOWER WHILE UNDEREMPLOYMENT RATE RISES

For the month of June this year, the unemployment rate in the Philippines fell while the underemployment remained a problem as it increased to more than 6 million according to Philippine Statistics Authority (PSA).
Based on the Labor Force Survey of PSA, from 4.1% (2.11 million Filipinos) in May 2024, the unemployment rate of the country improved to 3.1% in June 2024 (equivalent to 1.62 million Filipinos) which was lower than the 4.5% (2.33 million Filipinos) in June 2023.

More Filipinos were underemployed for the month of June while the unemployed decreased (Photo courtesy of Rappler)
Meanwhile, the underemployment rose to 12.1% in June 2024 equivalent to 6.08 million Filipinos which was higher than the 12% in June 2023 (5.87 million Filipinos) and 9.9% (4.82 million Filipinos) in May 2024.
Underemployed individuals are referred to as employed workers that still want “additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.”
According to National Statistician Dennis Mapa, despite the 1.44 million people that joined the labor force in June 2024, “What has happened is that our labor market has absorbed more workers, and not everyone has found what we call full-time jobs. Some have full-time positions, while others work less than 40 hours or still wish to have more work.”
The employment rate of the country was recorded at 96.9% in June 2024, equivalent to 50.28 million, higher than the employmennt rate in May 2024 at 95.9% (48.87 million Filipinos) and in June 2023 at 95.5% (48.84 million Filipinos).
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said, “We will persist in improving the country’s business climate to attract investments that generate higher-quality jobs. The government will address bottlenecks and expedite processes to fulfill investment pledges and reap the benefits of liberalization reforms.”
Source: ABS-CBN News
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