Unemployment rate falls to 3.6 percent in November

ABS-CBN News

MANILA - The Philippines&#x27; unemployment rate fell to 3.6 percent in November, the Philippine Statistics Authority (PSA) said Tuesday.This was lower compared to the 4.2 percent rate reported in <a href="https://news.abs-cbn.com/business/12/07/23/jobless-rate-falls-in-october-underemployment-up">October</a>, , and the 4.2 percent reported in November 2022.<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Unemployment rate falls to 3.6 percent in November " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/business/01/09/slide-6.jpg"/></figure></div><div> </div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Unemployment rate falls to 3.6 percent in November " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/business/01/09/slide-7.jpg"/></figure></div>This translated to 1.83 million jobless Filipino workers in November compared to 2.09 million in the preceding month. This is also lower than the 2.18 million recorded in November the year before. National Statistician Dennis Mapa said the top five sub-sectors that added the most jobs in terms of annual increase in October 2023 were the following: a. Agriculture and forestry (1.24 million); b. Construction (453,000); c. Transportation and storage (308,000); d. Fishing and aquaculture (305,000); and e. Administrative and support service activities (189,000)Meanwhile, those that posted the highest annual decreases in the number of employed persons were:a. Manufacturing (1.39 million); b. Wholesale and retail trade; repair of motor vehicles and motorcycles (396,000); c. Public administration and defense; compulsory social security (184,000); d. Information and communication (165,000); and e. Real estate activities (145,000).Meanwhile, there were more underemployed Filipinos in November. There were 5.79 million underemployed in that month, up from the 5.6 million in October.Mapa said the slight uptick in underemployment was due to more Filipinos taking on seasonal jobs or starting small businesses during the holidays.&quot;Nakikita naman yung, and it’s not just itong month ng November, talagang pag 4th quarter, because of the holidays ‘no, maraming mga activities tayo,&quot; he said.&quot;So doon namin nakita na tumaas yung bilang ng mga employed persons, particularly yung mga self-employed without employees. So from 13.27 million, nong October naging, 14.21 million,&quot; Mapa noted. &quot;Dito rin sa sila, kasi self-employed, so hindi talaga ganoon yung number of hours of work so dito rin nakikita yung kung saan meron tayong underemployed,&quot; he explained. There were 51.47 million Filipinos in the labor force in November 2023--slightly lower than the 51.88 million noted in the same period in 2022.Mapa said those who opted not to work in November 2023 did so because they focused on household family duties.National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said government needs to expand the digital economy, including the digitalization of Micro, Small, and Medium Enterprises (MSMEs) and startups, to address the declining labor force and increase labor market gains in 2024 and beyond.&quot;Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector,&quot; he said.He said government will further support a more productive, agile, and adaptive workforce by passing and implementing crucial regulatory reforms, such as the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act.He also stressed the need to establish a regulatory framework to allow alternative work arrangements, including part-time work, even in the formal economy.&quot;Allowing part-time work even in the formal sector will expand opportunities for lifelong learning, work experience in an organized setting, and coverage in social protection systems,&quot; Balisacan said.<div> </div>

Unemployment rate falls to 3.6 percent in November | ABS-CBN

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Unemployment rate falls to 3.6 percent in November

Unemployment rate falls to 3.6 percent in November

ABS-CBN News

Published Jan 09, 2024 09:17 AM PHT

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Updated Jan 09, 2024 11:32 AM PHT

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